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Investing.com -- France’s Prime Minister Sebastien Lecornu has resigned from the position, with both allies and adversaries threatening to topple his government just hours after he appointed a fresh cabinet.
The resignation comes after Lecornu -- a close ally of French President Emmanuel Macron -- was appointed last month, adding to an ongoing bout of political instability in one of Europe’s largest economies.
France’s CAC 40 stock market was sharply lower in the wake of the news, while the euro also dipped.
Despite having set the cabinet following weeks of discussions, Lecornu’s selected ministers drew rebuttal from both opponents and allies who had argued that the picks were either too right-wing or not enough. This in turn fueled questions over the durability of the cabinet, particularly during a time when France’s parliament is deeply divided and no group holds a majority in the government.
In a statement cited by Reuters on Monday, the Elysee press office said Lecornu had submitted "the resignation of his Government to the President of the Republic, who has accepted it."
Since Macron’s decision to hold a snap parliamentary election in 2024, France’s parliament has become even more fragmented, leading to a period of heightened instability. Lecornu was Macron’s fifth prime minister in two years.