Macro and Markets

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French Elections and the Remaining Populist Challenge

Emmanuel Macron received a strong endorsement from French voters in yesterday’s second round election, winning around 66 percent of the vote.  While abstentions were up from the last election (an estimated 26 percent), early returns suggest broad-based support for Macron and his centrist, pro-European message. Attention now turns to the June 11th and 18thparliamentary elections, where President Macron and his newly formed political movement En Marche! face uncertain prospects in their effort to gain a workable parliamentary majority. Read More

May 1, 2017

Brexit: Now for the Hard Part

The weekend’s European Union (EU) Summit provided little love for UK prime minister Theresa May. Leaders approved a tough opening position in the upcoming Brexit negotiations, and warned against “completely unreal” expectations of a swift and favorable deal.

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Apr 26, 2017

Is It Time for Markets to Worry About Political Risk?

Jens Nystedt is a senior portfolio manager and head of sovereign research on the Emerging Markets Debt team at Morgan Stanley Investment Management. 

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Apr 24, 2017

France After the Election: What Next for Economic Policy in Europe?

French election results show Emmanuel Macron in first place with 23.9 percent of the vote and Marine Le Pen in second with 21.4 percent, setting the stage for a run-off election on May 7. Early polls show a comfortable edge for Macron, the pro-E.U. former economy minister who ran on a campaign of ambitious economic reform including labor market deregulation and lower corporate taxes (though there will be questions about where supporters of Jean-Luc Mélenchon will land, or whether they will vote at all).

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