Macron Reappoints Lecornu as PM; Trump Doubts Xi Meeting, Markets React
In a significant turn of events, French President Emmanuel Macron has reappointed Sébastien Lecornu as Prime Minister in Paris, following a government crisis. Meanwhile, US President Donald Trump has cast doubt on his planned google meet with Chinese President Xi Jinping at the APEC summit, citing recent trade tensions. The EUR/CHF and USD/CHF pairs have slipped in response to Trump's comments.
Macron's decision to reappoint Lecornu comes as a surprise, as the center-right course of the government continues. Lecornu has swiftly formed a new government, retaining key ministers such as Barrot and Darmanin. However, the adoption of the 2026 budget in France remains uncertain, potentially leading to new elections.
In the realm of international relations, Trump has expressed doubts about his planned google meet with Xi Jinping. He cited recent 'hostile' export controls on rare earths by China, threatening a 'massive increase' in tariffs on Chinese goods. The Swiss franc has strengthened against both the euro and the US dollar in response to these developments.
Macron's reappointment of Lecornu as Prime Minister signals a continuation of the current government's policies in France. However, the uncertainty surrounding the 2026 budget could lead to political instability. Trump's comments on China have had an impact on currency markets, with the EUR/CHF and USD/CHF pairs slipping in response. The outcome of the potential google meet between Trump and Xi Jinping remains to be seen.
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