As France reels from violence, Macron points to security failings
TLT•Emmanuel Macron rejected Interior Minister Laurent Nunez's offer to resign after weekend rioting and called for an end to looting and transparency over intelligence failures. France's 10-year bond yield rose 8 basis points to 4.86%, while the CAC 40 fell 1.3% in early trading.
1. Macron rejects resignation offer
Macron turned down Nunez's offer to resign after weekend rioting, urging him to develop measures to end barricades and looting and ensure transparency about intelligence failures. France deployed 60,000 police and other security forces on Saturday, but Nunez said that was not enough to control violent crowds in some cities. Justice Minister Gerald Darmanin also said intelligence failures had left the state vulnerable.
2. French markets decline
France's 10-year bond yield rose 8 basis points to 4.86%, while Germany's 10-year yield was unchanged at 3.41%. The CAC 40 fell 1.3% in early trading, and shares in BNP Paribas, Societe Generale and Credit Agricole were each down around 2%. The unrest followed protests over public services and cost-of-living pressures.
