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The Times they are A-changin’

The first round of the legislative French election has concluded and Jean Marie Lepen National Rally party has won with 33% of the votes. Next Sunday, July 7th, there will be the second and final round of votes, and everything points to a leadership change in France. Italy and the Netherlands among others, have already shifted to the right after years of central coalitions or left based governments. Issues such as immigration, the war in Ukraine, energy policies and perhaps inflation have pushed voters to the other side of the spectrum. Germany’s Social Democratic Party is also feeling the pressure from voters concerned about the wave of illegal immigration. In terms of market response, the euro has strengthened a little bit perhaps liberating some uncertainty after the results, while awaits next weekend final round. The Times they are A-changin’

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