European Markets Head For Negative Open After France’s Government Loses Confidence Vote
European stocks are set to open in negative territory Thursday, with French markets in focus after Prime Minister Michel Barnier’s government was toppled in a vote of no confidence Wednesday.
A majority of lawmakers from both the left-wing New Popular Front alliance and the far-right National Rally supported a no-confidence motion in the country’s lower house yesterday evening.
Motions had been tabled by both the left- and right-wing blocs Monday after Barnier, who has been in power for only three months, used special constitutional powers to force a social security budget bill through Parliament without a vote. The move angered opposition parties and, last night, deputies on the left and right ousted the government.
Barnier is expected to resign Thursday, but he could remain in charge of a caretaker government while President Emmanuel Macron searches for a replacement.
Elsewhere overnight, Asia-Pacific markets traded mixed after Wall Street stock benchmarks notched record highs yesterday. U.S. stock futures were broadly unchanged on Wednesday night.
There are no major earnings or data releases in Europe Thursday.(Cay)
Source: CNBC
