French stocks are being sold off as investors take fright at the prospect of Marine Le Pen's party winning upcoming elections in France. Photograph: Julien De Rosa/AFP via Getty Images
Irish economist Michael O’Sullivan, formerly of Credit Suisse, describes Macron’s move as a “huge gamble”, saying there is a “real risk” of a RN government that “spurs risk in the euro-system”.Labour legislation and collective bargaining: ‘For smaller, less well-resourced employers, it can all be very difficult to manage’
That’s echoed by Barclays. The sell-off is “potentially excessive”, but there’s “no need to rush to buy the dip”. Barclays reckons the most likely outcome is a right-wing coalition headed by Le Pen’s party. A political agenda based around “protectionism, state intervention and a halt to immigration” could both “endanger European integration” and further widen France’s already significant public deficit.