Sebastien Lecornu unexpectedly resigned as France’s prime minister on Monday, blaming the intransigence of the groups in the country’s fractured parliament and deepening a national political crisis.
The move sparked a selloff in French assets with stocks tumbling by the most since late August and the yield on the benchmark 10-year note rising nine basis points to 3.6%.
While Lecornu was clearly in deep trouble with no majority emerging to back him in parliament, his abrupt departure was a surprise. His resignation came less than 24 hours after President Emmanuel Macron named a new cabinet stacked with centrist loyalists, ignoring threats from opposition parties not to appoint a continuity government. That plan immediately backfired. Bloomberg’s Caroline Conan reports.
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