FRANCE: Le Pen Cannot Stand In Any Snap Election After Court Ruling

Oct-15 13:22

The Council of State, France's supreme administrative court, has rejected Marine Le Pen's appeal against her immediate ineligibility to run for political office after she was found guilty of embezzlement in March. The sentence saw the parliamentary leader of the far-right Rassemblement National (National Rally, RN) given four years in prison (two suspended), a EUR500k fine, and, most politically relevant: a five-year ban on running for public office. The Council's ruling that the ban is effective immediately means she cannot run in any snap legislative or presidential election. Le Pen's full appeal hearing takes place from 13 Jan-12 Feb 2026.

  • This ruling may have less of an immediate electoral impact, given the prospect of a snap election has receded after PM Sebastien Lecornu delivered concessions to the centre-left Socialist Party in his 14 Oct general policy speech.
  • Before her sentencing, Le Pen had been almost a certainty to make the second-round run off, and hypothetical polling showed her performing well against some of the most likely candidates from the centre/left.
  • With Le Pen's absence confirmed for now, RN President Jordan Bardella (who will be 31 at the time of the next election due by April 2027) is next in line. It may be too early to try and determine Bardella's prospects in a hypothetical second round. Former PM and centre-right Horizons party leader Edouard Philippe, who has stated his intention to run in 2027, could prove his toughest opponent. 

Historical bullets

EQUITIES: Sino-U.S. Trade Meeting Comments Continue to Underpin Equities

Sep-15 13:07

Positives surrounding the Sino-U.S. trade talks, with a Trump-Xi phone call confirmed for this Friday, continue to underpin e-minis.

  • USTR Greer has noted that the U.S. is open to considering further action on the tariff pause if the talks are positive.
  • Meanwhile, Treasury Secretary Bessent pointed to the likelihood of another round of trade talks in the coming weeks.
  • Projected resistance in S&P 500 e-minis comes in at 6,685.25.

MXN: FX Exchange traded Option

Sep-15 13:05

FX Exchange traded Option, looking for MXN upside:

  • MXNUSD (3rd Oct) 5.45c, bought for 0.0001 in 3.25k total.

The underlying exchanges hands at 5.3860, and this looks to be a new position.

MNI EXCLUSIVE: MNI speaks with Italian and Greek officials about EGB markets

Sep-15 13:00

MNI speaks with Italian and Greek officials about eurozone debt markets. -- On MNI Policy MainWire now, for more details please contact sales@marketnews.com