16/05/2017 - Macron Appoints Conservative Prime Minister

EUR

Newly inaugurated French President Emmanuel Macron appointed a conservative prime minister on Monday, in a move to broaden his political appeal and weaken his opponents before parliamentary elections in June. Edouard Philippe, 46, a lawmaker and mayor of the port city of Le Havre, is from the moderate wing of the main centre-right party, The Republicans. He will provide a counterweight to former Socialist members of parliament who have joined Macron's cause.
 
Macron wants to resolve the left-right divide which has dominated France for decades, and his start-up centrist Republic on the Move (REM) party, which is just a year old, needs to forge a wide base of support.
 
European Union governments have tightened their Brexit negotiation position as they prepare for talks with the U.K. over its departure from the bloc.
 
The EU toughened its language on a future transitional arrangement that would help companies adapt to Britain’s new status, specified demands on citizens’ rights and clarified the role of European courts, according to the latest draft negotiating directives.
 
Any transitional phase, from the time the U.K. formally exits the EU to the start of a possible trade deal, must be “clearly defined, limited in time and subject to effective enforcement mechanisms,” the draft, dated May 15, said.

Key Announcements 

09:30 - GBP : CPI y/y, expected at 2.6% against a previous of 2.3%

13:30 - USD : Building permits, expected to remain unchanged at 1.27M