European markets head for mixed open with all eyes on French confidence vote.
European stocks are heading for a mixed open Wednesday with regional market attention focused on an upcoming no-confidence vote in France’s parliament, the National Assembly.
The vote is expected to take place this evening after lawmakers have debated two motions of no-confidence, tabled by the leftwing New Popular Front alliance and rightwing National Rally party, against Prime Minister Michel Barnier’s minority government.
The motions come after Barnier used special constitutional powers on Monday to pass a contested budget bill without a parliamentary vote.
National Rally has already said it will support the motion brought by its left-wing rivals, but will also support its own motion of no-confidence. It’s highly likely that Barnier’s government will collapse after the vote.
On Wednesday, European services activity data is due and the OECD releases its latest economic outlook.
In other news, political upheaval in South Korea is being closely-watched by investors in the Asia-Pacific region. Overnight, South Korean markets opened lower after President Yoon Suk Yeol’s surprise decision to impose and then lift a martial law decree within
A coalition of lawmakers from opposition parties are planning to propose a bill to impeach Yoon on Wednesday, which should be voted within 72 hours if introduced, according to Reuters. Yoon’s chief of staff and senior secretaries have reportedly offered to resign en masse.(Cay)
Source: CNBC
