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Market News The results of the French election may affect the sanctions against Russia! Macron draws with rival in first round of voting
The results of the French election may affect the sanctions against Russia! Macron draws with rival in first round of voting
The final tally by the French Interior Ministry showed that Macron's coalition won 25.75% of the votes, while his main rival, Mélenchon's left-wing coalition, won 25.66% of the votes, a very close support rate. At the same time, polls showed that the abstention rate in this vote was close to 53%, a record high.
2022-06-13
11062
GMT+8 At 2:00 a.m. on June 13, the first round of French parliamentary elections ended. The French Interior Ministry's final tally showed that Macron's coalition won 25.75 percent of the vote, while his main rival, Mélenchon's left-wing coalition, won 25.66 percent, with a very close support rate. At the same time, polls showed that the abstention rate in this vote was close to 53%, a record high.
In the first round of voting, Macron's Baath party joined former Prime Minister Philip's Horizon party and the traditional Democratic Movement Party to form a presidential coalition of seven parties. His main competitor, Melenchon of the Indomitable French Party, formed a left-wing alliance with the French Socialist Party, the Communist Party and other parties. In the final count, Le Pen's National League won 18.68% of the votes, ranking third.
In the specific seats, the first round of winning criteria is met, and there are two candidates for the parliamentary seats, one each for the Macron party coalition and the left-wing coalition. The remaining seats will be elected in the second round of elections on June 19. However, exit polls show Macron's coalition leading the way with 255 to 310 seats, with doubts over whether it can secure an absolute majority of 289. The left-wing coalition is expected to win 150-210 seats, and supporters of the left-wing coalition have also renewed their call for the appointment of Mélenchon as prime minister. The coalition of Republicans in third place is expected to gain 40-60 seats.
The abstention rate in the first round of voting also hit a new high, with polls showing that nearly 53% of voters did not vote. French media believe that the high abstention rate means that French voters lack confidence in the current political situation.
French parliamentary elections are also known as French National Assembly elections. The French National Assembly has 577 seats, corresponding to 577 constituencies across the country. One member of each constituency is elected by direct vote of voters for a five-year term. The first round of voting on the 12th adopts an absolute majority system. Candidates who obtain more than half of the votes in the first round of voting can be elected; if no one obtains more than half of the votes, the two candidates with the most votes in the constituency will enter the second round, and the second round of voting will be based on relative votes. Majority system, the one with the most votes is elected.
France's two-round voting system is complex and disproportionate to a party's national support. For the race that did not produce a decisive winner on Sunday, up to four candidates will compete in the second round of voting on June 19, each with at least 12.5 percent support.
After Macron was re-elected in May, his centrist coalition sought an outright majority to deliver on his campaign promises, including tax cuts and raising France's retirement age from 62 to 65.
As French President, Macron's attitude towards sanctions against Russia has often become the focus of market attention. On June 1, Macron told the media in Brussels that the European Union did not rule out imposing more sanctions on Russia in the next few weeks after passing the sixth round of sanctions against Russia . He said: "Nothing can be excluded, which will Depends on how the situation develops."
On the same day, the two-day EU special summit concluded in Brussels, and EU parties reached an agreement on the issue of the embargo on Russian oil, agreeing to "partial embargo" of Russian oil. EU leaders at the summit also called for speeding up the deployment of renewable energy and further improving energy efficiency in response to the soaring energy price crisis.
It is worth noting that both Le Pen and Melenchon oppose sanctions against Russia and advocate withdrawing from NATO. The result of this French election will determine France's attitude towards sanctions against Russia in the future, which may affect the future trend of oil and natural gas prices. If Macron succeeds, increasing sanctions against Russia in the future may lead to further increases in oil and gas prices.
(Daily chart of Brent crude oil main contract)
At 10:32 GMT+8 on June 13, the price of the main Brent crude oil contract was at $118.40 a barrel.
In the first round of voting, Macron's Baath party joined former Prime Minister Philip's Horizon party and the traditional Democratic Movement Party to form a presidential coalition of seven parties. His main competitor, Melenchon of the Indomitable French Party, formed a left-wing alliance with the French Socialist Party, the Communist Party and other parties. In the final count, Le Pen's National League won 18.68% of the votes, ranking third.
In the specific seats, the first round of winning criteria is met, and there are two candidates for the parliamentary seats, one each for the Macron party coalition and the left-wing coalition. The remaining seats will be elected in the second round of elections on June 19. However, exit polls show Macron's coalition leading the way with 255 to 310 seats, with doubts over whether it can secure an absolute majority of 289. The left-wing coalition is expected to win 150-210 seats, and supporters of the left-wing coalition have also renewed their call for the appointment of Mélenchon as prime minister. The coalition of Republicans in third place is expected to gain 40-60 seats.
The abstention rate in the first round of voting also hit a new high, with polls showing that nearly 53% of voters did not vote. French media believe that the high abstention rate means that French voters lack confidence in the current political situation.
French parliamentary elections are also known as French National Assembly elections. The French National Assembly has 577 seats, corresponding to 577 constituencies across the country. One member of each constituency is elected by direct vote of voters for a five-year term. The first round of voting on the 12th adopts an absolute majority system. Candidates who obtain more than half of the votes in the first round of voting can be elected; if no one obtains more than half of the votes, the two candidates with the most votes in the constituency will enter the second round, and the second round of voting will be based on relative votes. Majority system, the one with the most votes is elected.
France's two-round voting system is complex and disproportionate to a party's national support. For the race that did not produce a decisive winner on Sunday, up to four candidates will compete in the second round of voting on June 19, each with at least 12.5 percent support.
After Macron was re-elected in May, his centrist coalition sought an outright majority to deliver on his campaign promises, including tax cuts and raising France's retirement age from 62 to 65.
As French President, Macron's attitude towards sanctions against Russia has often become the focus of market attention. On June 1, Macron told the media in Brussels that the European Union did not rule out imposing more sanctions on Russia in the next few weeks after passing the sixth round of sanctions against Russia . He said: "Nothing can be excluded, which will Depends on how the situation develops."
On the same day, the two-day EU special summit concluded in Brussels, and EU parties reached an agreement on the issue of the embargo on Russian oil, agreeing to "partial embargo" of Russian oil. EU leaders at the summit also called for speeding up the deployment of renewable energy and further improving energy efficiency in response to the soaring energy price crisis.
It is worth noting that both Le Pen and Melenchon oppose sanctions against Russia and advocate withdrawing from NATO. The result of this French election will determine France's attitude towards sanctions against Russia in the future, which may affect the future trend of oil and natural gas prices. If Macron succeeds, increasing sanctions against Russia in the future may lead to further increases in oil and gas prices.
(Daily chart of Brent crude oil main contract)
At 10:32 GMT+8 on June 13, the price of the main Brent crude oil contract was at $118.40 a barrel.
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