The euro fell broadly, while French bonds and stocks were hit hard, following French President Emmanuel Macron's decision to call a snap parliamentary election after being trounced in a European Union vote by the far right.

Paris

French President Emmanuel Macron has called for a snap parliamentary election following a significant defeat to the far right in a European Union vote. This announcement led to a broad fall in the euro and a sharp decline in French bonds and stocks. The euro fell by half a percent in early European trading, reaching a one-month low and a 21-month trough against sterling. Major French blue-chip stocks, including banks like BNP Paribas and Societe Generale, dropped by 2 percent. Europe's benchmark stock index, the Stoxx 600, also fell by 0.7 percent, although it later recovered some ground.

Macron described his decision as an act of confidence in the French people and their capacity to make fair choices for themselves and future generations. Centre-liberal and socialist parties are expected to retain a majority after the European Parliament elections, but the rise of euro-sceptic nationalists has raised concerns about the ability of major powers to drive policy within the bloc, contributing to market uncertainty. 

The first round of the French parliamentary election is scheduled for June 30. If the far-right National Rally Party secures a majority, Macron will lose influence in domestic affairs. This vote is part of a series of significant elections taking place this year, with Britain heading to the polls on July 4 and the United States holding elections in November.



Euro hit by shock Macron call for snap election

The euro fell broadly while French bonds and stocks were hit hard on Monday morning. It all followed French President Emmanuel Macron's decision Sunday to call a snap parliamentary election. He made the call after being beaten in a European Union vote by the far right. This decision is serious, a hard one, but it is above all an act of confidence. Confidence in you, my fellow citizens, in the capacity of the French people to make the fairest choice for themselves and for future generations. Confidence in our democracy, so that the voice can be given to sovereign people. Nothing can be more republican. The euro fell half a percent in early European trade to a one-month low and hit a 21-month trough against sterling. French blue-chip stocks dropped 2 percent, with steep losses for lenders like BNP Paribas and Societe Generale. Europe's benchmark stock 600 also fell 0.7 percent before recovering some ground. Centre-liberal and socialist parties were set to retain a majority after the European Parliament elections. But euro-sceptic nationalists made the biggest gains. That raised questions about the ability of major powers to drive policy in the bloc, creating the kind of uncertainty that tends to alarm investors. Now the first round of the French parliamentary election is due on June 30th. If the far-right National Rally Party wins a majority, Macron will be left without a say in domestic affairs. The French vote adds yet another round of big elections this year. Britain goes to the polls on July 4th, while US elections take place in November.

The 2024 Paris Olympic Games are officially underway following a spectacular opening ceremony. The city was turned into a stage with an incredible display paying tribute to France's history and culture.

Paris shines in Olympics opening ceremony

A rainy outdoor ceremony marked the official launch of the 2024 Olympic Games in Paris. The event featured performances from Lady Gaga and Céline Dion as athletes and other performers floated down the iconic Seine River.

Rain soaks Olympics Opening Ceremony

Officials have returned to Jasper, Canada for the first time since a devastating wildfire wiped out a third of the town's properties. The rebuilding process is expected to be slow, leaving residents and businesses unsure about what’s next.

Jasper

Historic Canadian town 'wiped out' by wildfires

Taiwanese authorities are assessing the damage caused by Typhoon Gaemi. The coastguard has been rescuing boats stranded by the tropical storm. The official death toll has risen to eight, with more than 800 people injured.

Taipei

Cargo crew rescued from Typhoon Gaemi

Wildfires are raging from western Canada to California in the U.S. At least a dozen fires are burning across California, with the Park Fire growing to become one of the biggest wildfires ever recorded in California in just two days.

Chico

Uncontrolled fires burn across California

Typhoon Gaemi has made landfall in southeastern China prompting warnings of flash floods and waterlogging in areas still recovering from torrential rain several weeks ago. Authorities relocated more than 290-thousand people.

Tsim Sha Tsui

Climate Crisis

Thousands evacuated in China as Typhoon makes landfall

Mexican drug kingpin Ismael "El Mayo" Zambada and a son of his former partner, Joaquin "El Chapo" Guzman, were arrested on Thursday in El Paso, Texas, in a major coup for U.S. authorities that may also reshape the Mexican criminal landscape.

El Paso

Mexican drug lords arrested in El Paso

Former U.S. President Donald Trump said his relationship with Israeli Prime Minister Benjamin Netanyahu had always been warm as the two leaders met on Friday (July 26), and the Israeli leader said he hoped progress was being made in talks on a Gaza ceasefire.

Palm Beach

Netanyahu meets Trump, says working on cease-fire

A North Korean military intelligence operative has been indicted in a conspiracy to hack into American health care providers, NASA, U.S. military bases and international entities.

Kansas City

North Korean charged in U.S. cyberattacks

Arsonists lighting fires across France's high-speed rail network have disrupted the transport network just hours before the Olympic Opening Ceremony in Paris, however the attacks failed to stop the event from going ahead.

Paris Olympics

France rail network attacked before Olympics

Saboteurs struck France's TGV high-speed train network in a series of pre-dawn attacks that caused chaos on the country's busiest rail lines ahead of the Paris Olympics opening ceremony. There was no immediate claim of responsibility for the attacks, but two security sources said initial suspicions fell on hardline leftist militants or environmental activists.

Saboteurs attack French railways ahead of Olympic ceremony

Typhoon Gaemi pummeled towns on China's coastal Fujian province on Friday with heavy rains and strong winds as the most powerful storm to hit the country this year began its widely watched trek into the populous interior.

Fujian

Typhoon Gaemi lashes China after pounding Taiwan, Philippines

Presidential candidates in Venezuela have held their final campaign rallies ahead of the election on Sunday. Opposition leaders are asking voters to oust President Nicolas Maduro, who's seeking a third term. But Maduro has warned the country risks a "bloodbath" if the opposition wins.

Caracas

Final rallies held ahead of Venezuela presidential election

U.S. Vice President Kamala Harris pressured Israeli Prime Minister Benjamin Netanyahu to help reach a Gaza ceasefire deal that would ease the suffering of Palestinian civilians, striking a tougher tone than President Joe Biden.

Washington

Israel-Gaza War

Harris strikes tougher tone on Gaza ceasefire deal

Dolphins swimming coach Mick Palfrey will remain in Paris for the Olympics, after being criticised for publicly backing South Korean swimmer Kim Woo-min. Swimmer Elijah Winnington has defended the coach saying he's a great guy and there's no hard feelings.

Swim coach spared axe over supporting Korean rival

On the eve of the opening ceremony for the Olympic Games, security in Paris is tight and athletes are navigating the risks. More than a million people have undergone screening to access the site of the Opening Ceremony.

Athletes navigate security risks at Paris 2024

Typhoon Gaemi has reached southeastern China after churning across the Taiwan Strait. The typhoon has prompted warnings of swelling rivers, flash floods, and waterlogging in cities and provinces that were hit by extreme rains several weeks ago.

Typhoon Gaemi hits China after pounding Taiwan, Philippines

The Olympic Games are set to officially open on Friday (July 25), with the French government pledging an "unprecedented" security operation to ensure the safety of the event. A force of 35,000 to 45,000 security personnel will be deployed, including 15,000 French military members and over 2,000 foreign police officers.

Major security operation in place to guard Paris Olympics

U.S. President Joe Biden pressed for a ceasefire to the 9-month-old war in Gaza in talks with Israeli Prime Minister Benjamin Netanyahu on Thursday (July 25), with Vice President Kamala Harris due to meet the Israeli leader later in the day.

Biden meets with Netanyahu, presses for ceasefire in Gaza

Counterterrorism officers are investigating after a man was allegedly found with chemical explosives and a knife at a Sydney shopping centre. Police moved in after shoppers heard a loud blast at Miranda Westfield.

Miranda

Man with knife and explosives arrested at Westfield

The Prime Minister is set to unveil a new Cabinet line-up after two senior members announced today they're retiring from politics. Minister for Indigenous Australians Linda Burney and Brendan O'Connor will move to the backbench.

Canberra

Prime Minister set to reveal cabinet reshuffle

A limited curfew is still in place in Bangladesh after days of protests and a police crackdown. Some businesses and government offices are reopening, and partial internet service is being restored in some areas. Police have arrested more than 2,000 people. The United Nations has demanded an investigation of the Bangladeshi government's crackdown on student protesters.

Dhaka

UN demands investigation of Bangladesh's crackdown on protesters

President Joe Biden on Wednesday said abandoning his reelection campaign and endorsing his vice president, Kamala Harris, as the Democratic candidate was the best way to unite the country and save democracy, despite his ambition to win a second term.

U.S. Presidential Election

Biden says he bowed out to unite nation, backs Harris to beat Trump

On the eve of the Olympics the city of Paris is getting ready to put on a show For the next two and a half weeks the competition will unfold in some of the capital's most iconic sites all prepped for the occasion, while thousands of miles away the French Polynesian island of Tahiti is also getting ready to host the surfing events.

From Paris to Polynesia, final Olympic preparations underway

Thousands of people gathered in North Carolina for Donald Trump's first rally since Joe Biden pulled out of the race. It’s a key battleground state for both sides and the Republican nominee wasted no time in going on the attack against his likely opponent in November, Kamala Harris.

North Carolina

Trump slams Harris as ‘radical’ in first rally since Biden’s exit

In a fiery speech to the U.S. Congress skipped by some top Democrats, Israeli Prime Minister Benjamin Netanyahu slammed critics of his country’s war against Hamas as ‘useful idiots’ for Iran, and said America and Israel must stand together.

Netanyahu blasts Gaza war critics, Iran in fiery speech to U.S. Congress

A passenger plane has crashed and caught fire shortly after taking off from Nepal's capital, Kathmandu, killing 18 people, aviation officials say. The pilot was the only survivor of the crash and was treated in hospital.

Kathmandu

Nepal plane crash kills 18; pilot only survivor

Heavy rain from Typhoon Gaemi has flooded the Philippine capital Manila and nearby cities, forcing authorities to shut schools, offices and cancel flights and declare a state of calamity in a region that is home to 13 million people.

Manila

Typhoon Gaemi brings heavy rain to Manila, forcing evacuation

Israeli Prime Minister Benjamin Netanyahu told families of hostages held in Gaza that a deal that would secure their loved ones' release could be nearing, his office said.

Netanyahu in U.S. says hostage deal may come soon

U.S. Vice-President Kamala Harris told cheering supporters in Wisconsin she now has enough delegates to secure the Democratic Party nomination and take on Donald Trump. Meanwhile, campaign donations have shot past $100M in the two days since she entered the presidential race.