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The possibility of a socialist Prime Minister is back in the spotlight: we confirm our cautious stance on French equities
The likelihood of a socialist Prime Minister has increased significantly since yesterday evening. Such a scenario would imply the introduction of a ‘Zucman’-type tax on financial assets, higher taxes on wealthy households and the abandonment of pension reforms. This possibility does not seem to have been factored in by the financial markets, given the slight correction observed since Monday on French equities. Pending Emmanuel Macron's decision, expected this evening, we reiterate our message of caution regarding French equities.
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Oddo BHF
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Thomas Zlowodzki
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