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French President Macron Names New PM

Jean Castex will lead a new French government, after being named by President Emmanuel Macron as prime minister.

Macron, who was elected in 2017, promised a cabinet reshuffle in recent days to focus on recovery from the negative economic impacts of the COVID-19 pandemic.

The new Prime Minister of France, Jean Castex, has been working with the French cabinet since April on plans to reopen the economy

The appointment comes after the now-former Prime Minister, Edouard Philippe, saw a surge in popularity that spurred debate about who is really leading the country, according to local media reports.

Castex, a center-right politician, previously served in the government under former President Nicolas Sarkozy.

Data of the June purchasing managers’ index (PMI) for the French services sector showed the first output expansion since February.

The headline seasonally adjusted services PMI index registered 50.7 in June, up from 31.1 in May, according to a report by IHS Markit.

In addition, sentiment towards the 12-month business outlook moved back into the positive territory, with more companies and business activities registering positive output expectations.

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