US STOCKS: Early Equities Roundup: Near Lows on Weak Data

• EUR/USD: Jul07 $1.1770(E1.7bln); Jul08 $1.1700(E1.1bln)
• USD/JPY: Jul04 Y143.45-60($1.0bln); Jul08 Y142.60-75($1.0bln)
• AUD/USD: Jul04 $0.6500(A$1.2bln), $0.6600(A$2.6bln)

Senior figures from the centre-left of French politics are meeting to "discuss the conditions for a joint candidacy" ahead of the 2027 presidential election. In the last two presidential elections in 2017 and 2022, candidates from the centre-left/environmentalist left have come behind far-left La France Insoumise (LFI) leader Jean-Luc Melenchon. This has raised the prospect of parties of the moderate left uniting to try to boost their prospects.  

• The meeting includes: Socialist Party (PS) leader Olivier Faure, president of the PS in the National Assembly Boris Vallud, Ecologist Greens leader Marine Tondelier, Francois Ruffin and Clementine Autain (lawmakers who both left LFI after falling out with Melenchon), prime ministerial candidate for the left-wing New Popular Front alliance Lucie Castets, and former PS presidential candidate Segolene Royal.
• Opinion polling indicates that whoever is the presidential candidate for the far-right Rassemblement National (National Rally, RN) will make the second round run-off, with the question then being who is their challenger. The centrist Ensemble bloc does not have a clear successor with incumbent President Emmanuel Macron term-limited.
• There is a chance of a four-way contest (centre-left vs. populist far-left vs. centrists vs. conservatives) to get into the run-off in 2027. As such, a unity candidate joining the PS, Ecologists and other anti-Melenchon leftists could have a strong chance of making the second round.
• Given that the 'Republican front' (voters backing any candidate but the RN) has held in recent elections, a unity candidate would have a strong chance of winning the presidency. 

Federal Housing Finance Administration (FHFA) director Pulte has called for a congressional investigation of Fed Chair Powell, seemingly with the objective of getting Powell removed "for cause" (per the Federal Reserve Act, a member of the Fed board can only be removed "for cause", I.e. misconduct). Pulte has previously criticized Powell and called for his resignation for not cutting rates.

• Per the FHFA official statement (as quoted by HousingWire, article is here):
• "I am asking Congress to investigate Chairman Jerome Powell, his political bias, and his deceptive Senate testimony, which is enough to be removed 'for cause.' Jerome Powell's $2.5B in capitalizations of Building Renovation Scandal stinks to high heaven, and he lied when asked about the specifics before Congress. This is nothing short of malfeasance and is worthy of 'for cause.'"
• "As Senator Cynthia Lummis said, 'he [Chairman Powell] made a number of factually inaccurate statements to the Committee regarding the Fed's plush private dining room and elevator, skylights, water features, and roof terrace,' and that 'this is typical of the mismanagement and 'don't bother me' attitude that Chair Powell has always shown.'" "Chairman Powell needs to be investigated by Congress immediately."