Penson Macro: France's next fiscal year budget remains a mystery

Jinshi data news on September 5th, Pan Sen, a macroeconomist, wrote in a report that investors will closely follow the fiscal plans of the new French government. French President Macron has not yet appointed a new prime minister nearly two months after the election, and no party in the French National Assembly has obtained a clear majority. According to the country’s constitution, this may lead to a freeze in the 2025 budget to comply with the 2024 expenditure plan. However, if the new government formulates and passes a new budget this month, it may bring some measures that may unsettle the EU and the market, especially as some people are calling for the abolition of Macron’s landmark pension reform and proposals from the left to increase wages and restore energy subsidies.