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Free AccessMNI BRIEF: China November PMI Rises Further Above 50
MNI US Macro Weekly: Politics To The Fore
FRANCE WATCH: Unions Stage Day of Protests Over Labour Reforms
--Turnout May Be Well Below Levels Seen By Hollande
By Jack Duffy
PARIS (MNI) - French President Emmanuel Macron faced the first test of his
ability to push through economic reforms on Tuesday as thousands of union
workers took to the streets to protest his proposed labour law changes.
Unions led by the hard-line CGT planned 180 demonstrations around the
country and filed 4,000 strike notices, resulting in disruptions to train and
bus services as well as in post offices and hospitals.
But unions were divided, with the country's first and third largest trade
organizations not supporting the CGT protests Tuesday. Although the largest
demonstrations in Paris had yet to get underway at midday, participation was
expected to be well below levels provoked by President Francois Hollande's
labour reforms, when participation reached 390,000 in March 2016 and some
demonstrations turned violent.
CGT leader Philippe Martinez told French radio on Tuesday that "the only
fight that is lost is the one that is not waged. There is a lot at stake here
and a large mobilization is necessary."
Macron won't witness the demonstrations himself as early Tuesday he flew to
inspect the devastation caused by Hurricane Irma in France's Caribbean
territories of Saint Martin and St Barthelemy.
The protests come as Macron has been weakened by plunging poll numbers,
caused in part by opposition to reforms, but also by communications gaffs. The
latest YouGov poll last week showed his approval rating at just 30%, down from
36% in August and 43% in July.
Macron provoked particular ire with comments during a state visit to Greece
last week, saying he would not "give in to the lazy, the cynics or extremists,"
by backing down on reforms.
The labour code changes, which will allow small companies to negotiate
salary and work conditions directly with employees and exclude unions, are due
to come into effect next week by executive order. Further protests by students
and by the far-left France Unbowed party are scheduled for Sept. 21 and Sept.
23.
--MNI Paris Bureau; tel: +33 1-42-71-55-41; email: jack.duffy@marketnews.com
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
[TOPICS: M$E$$$,M$F$$$,M$X$$$,MC$$$$,MFF$$$]
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.