European markets traded slightly higher on Friday, as investors in the region reviewed the latest political developments in France.
The pan-European Stoxx 600
erased earlier losses, adding 0.1% by 4:00 p.m. London time. France’s CAC 40
index was 1.3% higher, despite ongoing political turmoil in the country.
Investors are still digesting a vote that toppled French Prime Minister Michel Barnier’s minority government on Wednesday evening — a motion backed by both left and right-leaning lawmakers after Barnier forced his contested budget through parliament without a vote.
The country’s President Emmanuel Macron then gave a defiant speech criticizing politicians for not thinking about “the voters.” He insisted he would see out the remainder of his presidency, which will see him stay in office until 2027.
Barnier resigned from his post Thursday morning, but will continue in a caretaker role while Macron selects a replacement.
The euro was 0.2% lower at $1.0564 on Friday afternoon following a rise in the previous session.
In Asia, markets were mixed, with traders monitoring political instability in South Korea following President Yoon Suk Yeol’s brief imposition of martial law.
Across the Atlantic, U.S. stocks rose after November jobs data came in better-than-expected. The labor report, released on Friday, revealed that nonfarm payrolls increased by 227,000 in November, above the Dow Jones estimate of 214,000 and marking a huge hike from October’s gain of just 12,000.
source: cnbc.com
