Macron Secures Comfortable Majority In Parliament, Euro Boosted


French president Emmanuel Macron was poised to forge ahead with pro-EU, business-friendly reforms on Monday after his centrist party redrew the country's political map with a victory in parliamentary elections.

Ms. Le Pen, a former Presidential contender, said that: "President Macron may have won the majority of parliamentary seats, but he ought to know that his ideas are not the majority in the country and that the French will not back a project that weakens our state".

La République en Marche (Republic on the Move), combined with an allied party, the Democratic Movement (MoDem), securing 350 of the National Assembly's 577 seats.

Macron, 39, became France's youngest president in May after a tumultuous campaign in which the mainstream left and conservative parties lost ground and the far-right National Front failed to make a much-touted breakthrough.

Jean-Christophe Cambadelis after announcing that he would step down as Socialist Party chief, remarked,"The collapse of the Socialist Party is beyond doubt".

FRANCE OUTLOOK: After Macron's party got a majority in parliament, he is expected to reshuffle his government and look to pass a first set of laws this summer to reform France's labor laws, among other things.

The centre-right Les Republicains and allies have 130 seats, while the Socialist Party of Macron's predecessor, Francois Hollande, have plummeted to 45 including centre-left allies.

A voter exits a voting booth after voting for the second round of parliamentary elections, in Lyon, central France, Sunday, June 18, 2017.

Poirson chose to become a candidate in January when Macron sent a video to LREM members urging more women to put themselves forward.

U.S. and European stocks hit fresh highs buoyed by a convincing National Assembly victory for French president Emmanuel Macron and strong gains across a range of sectors. But he may face criticism over turnout; just under 45 percent of registered voters cast a ballot in the election's second round, the lowest in modern French history.

Prime Minister Edouard Philippe will resign "in the coming hours" and a new government will be named in the next few days, government spokesman Christophe Castaner said Monday on RTL radio.

"What is also important is the composition of the (parliament)", said Peter Chatwell, head of euro rates strategy at Mizuho.

The French government resigned on Monday in a post-legislative-election formality. Le Pen received 34%, the best result by her party on record. The Socialist Party and allies won just 44, their lowest in decades. Jean-Luc Melenchon's Unsubmissive France party and the Communist Party garnered 27 seats in the parliament.

"Far from postures, our members of parliament, through their multiple experiences, will vote for laws to unlock our economy, free up our energies, create new solidarities and protect the French", she said.