Early projections suggest Macron's REM party winning majority

Kristopher Drake
June 26, 2017

Many of those who voted for him in the presidential election, particularly left-wing voters, said they were doing so only to keep Marine Le Pen out.

Those signs of stability and cohesion in two of the euro zone's biggest economies were viewed as positive not just for French assets, but also for peripheral markets that have been in the firing line from any signs of instability in the bloc. Its chief, Jean-Christophe Cambadelis, confirmed he had been eliminated from his long-held Paris seat, a symbol of his party's stunning demise after five years in power.

"For the past month, the president has shown confidence, willingness and daring in France and on the worldwide stage", Philippe said, calling the result a vindication of Macron's "winning strategy".

Such an outcome would transform into a landslide majority in the second round, the opinion polls show.

A comprehensive victory for Macron's party is largely seen as a market-friendly event, although the CAC 40 index was down nearly 1% on Monday at midday.

Jean-Luc Melenchon's far-left party had 11 percent, while the Socialists of former President Francois Hollande tumbled to 7 percent.

The far-right National Front party failed to capitalize on Marine Le Pen's record score of 33.9 percent of the presidential second round vote.

A swath of senior Socialists, including former government ministers, lost their seats in the first round.

With all the ballots counted, Mr Macron's LREM and MoDem had won 32.3% of the vote.

French President Emmanuel Macron's party, the "Republic on the Move", is close to winning another nationwide election, only a month after Mr. Macron was elected president.

Such a share would give Macron - who founded his party just a year ago - one of the biggest parliamentary majorities the modern French state has seen.

While it can be considered a fairly stable rule in politics that parliamentary elections, being "second-order" are less headline-grabbing than presidential, heavily personalized ones, a failure to recognize the importance of the French legislative election will lead to a unsafe knowledge gap about the conditions that will define Macron's presidency over the next five years.

After being sworn in, Macron immediately started up his "New Deal" at home, from reform on labor law to the establishment of anti-terrorism center, and the enactment of new anti-corruption rules, all of which caught the hearts of French people and impressed them with pragmatic reforms.

But the weaker turnout, if borne out in the afternoon, would narrow the second-round field, because candidates need the support of 12.5 percent of registered voters to qualify. Madani Cheurfa, secretary general of the Sciences Po CEVIPOF research institute, said in an interview that the legislative elections "will indicate what will be the practice of power for the next five years to come in France".

Mahjoubi himself is running for a seat in Paris as a candidate with Macron's Republic on the Move party.

A second and final round of France's parliament election is scheduled for June 18. Many of Le Pen's and Mélenchon's voters-both have heavily working-class and pink-collar constituencies-did not go to the polls, suggesting that many will not be represented in the National Assembly.

Other reports by Ligue1talk

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