Weekend Briefing: Olympics strain and a snap election put France in an uncertain spot

Last week, early results from France’s snap election have brought uncertainty around France’s economy. Don’t forget to subscribe to the Glossy Podcast for interviews with fashion industry leaders and Week in Review episodes, and the Glossy Beauty Podcast for interviews from the beauty industry. –Danny Parisi, sr. fashion reporter

C’est la vie

French president Emmanuel Macron’s decision last week to hold a snap election backfired when it seemed like the far-right National Rally party won big. Multiple French pollsters predicted big wins for the party led by Marine Le Pen, which has long been associated with racism, anti-immigration and anti-European policies, though it did not win a full majority.

Financial stock prices in France were down when Macron first announced the election as investors predicted gridlock and market disruption. However, they bounced back earlier last week when pollsters first began reporting results. But analysts are still predicting a chaotic time ahead for France’s finances. Multiple potential scenarios — including a hung parliament, where no party has a majority, and a reversal of reforms made by Macron, like lowering France’s retirement age — could spook investors more than they already are.

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