Credit Impulse Update: France’s best days are already behind us

French Election Update: The Far Right’s Big Battle

Macro
Picture of Christopher Dembik
Christopher Dembik

Head of Macroeconomic Research

Summary:  The 2022 French presidential election is still far away. However, investors should already get more familiar with a Trump-inspired candidate, the TV columnist Eric Zemmour, who is skyrocketing in recent polls. The momentum is on his side, for now. But we still expect the second round will oppose the outgoing president Emmanuel Macron and the far right leader Marine Le Pen. Ultimately, we see Macron re-elected for a second five-year term, until 2027.


French Election Preview published: We have published our preview for the 2022 April presidential election. It gives a broad overview of the current state of French politics and the main reforms which are currently put forward by the lead candidates. See here for the full report.

The disturbing message of the polls : Former Sarkozy minister Xavier Bertrand is not the third man of the election anymore. An IPSOS poll released on 1 October put him in fourth position, at 14% of voting intentions in the first round. In recent months, support for him has been rather stable. Unexpectedly, the TV columnist Eric Zemmour, who is not an official candidate yet, jumped from 10% to 15%. He is only one point behind the far right leader Marine Le Pen. In recent months, she has lost ground. After the June regional elections, she gathered up to 25% of support. Now, she is only at 16%. President Emmanuel Macron is still miles ahead of the pack at 25% against 29% in June. Eric Zemmour is often portrayed as a Trump-inspired candidate. He is a former TV columnist, much more radical than Le Pen on immigration and Islam. Over the weekend, he proposed to end the right to French nationality through birth on French soil and to restrict some state benefits to French citizens. He promotes the « grand remplacement » conspiracy theory which claims that native-born French people will be replaced by Muslim immigrants. A few weeks ago, he was at 10% of voting intentions and he was at 7% in June. The momentum is on his side, for now. He seems to be able to gather support both from the far right, but also from conservative voters who voted for former Sarkozy Prime minister François Fillon in the first round of the 2017 presidential election.

A note of caution : There is no debate, support for Zemmour is on the rise. In an Harris poll released on 28 September, voting intentions for Zemmour reached 13%. This is already a very high score. But we should take the IPSOS poll which put Le Pen and him neck-to-neck with a pinch of salt. The sample size is small : only 680 individuals against around 1,000 in most polls. The margin of error is higher than usual. Macron’s voting intentions are between 20.8% and 27.2%. Zemmour’s voting intentions are between 12.4% and 17.6%. While it is of crucial importance, it has been little mentioned.

But it is still early days : Much can happen until April 2022. In the 1981 presidential election, a famous comedian, Coluche, gathered up to 15% of voting intentions, before ultimately dropping out of the race. The final battle was between the outgoing centre-right president, Valéry Giscard d’Estaing, and the leader of the left opposition, the Socialist François Mitterrand. The latter was elected. Perhaps Zemmour will get the needed 500 sponsorships to run for the election*. But the road is long and tortuous. A scandal can quickly happen (see Fillon’s disastrous 2017 presidential campaign). The closer the polls put Zemmour to the second round, the more his competency and his former legal problems will come under scrutiny. Here, he remains vulnerable. He was twice convicted of hate speech, for instance. We think that Zemmour won’t make it to the second round. We see a 60% chance that the second round will be between Macron and Le Pen, with Macron finally being re-elected for a second five-year term until 2027. Le Pen is still in an electoral no-man’s land – able to assemble the 20-odd % needed to reach the run-off – but not the 50% needed to win the presidency.

 

 

*To be listed on the first-round ballot in the French presidential election, candidates need to secure a minimum of 500 sponsorships from national or local elected officials from at least 30 different departments or overseas collectivities, with no more than a tenth of these signatories from any single department. This is an extremely difficult and time-consuming task for candidates who are not from the ranks of the largest French political parties.

Outrageous Predictions 2026

01 /

  • Executive Summary: Outrageous Predictions 2026

    Outrageous Predictions

    Executive Summary: Outrageous Predictions 2026

    Saxo Group

    Read Saxo's Outrageous Predictions for 2026, our latest batch of low probability, but high impact ev...
  • A Fortune 500 company names an AI model as CEO

    Outrageous Predictions

    A Fortune 500 company names an AI model as CEO

    Charu Chanana

    Chief Investment Strategist

    Can AI be trusted to take over in the boardroom? With the right algorithms and balanced human oversi...
  • Despite concerns, U.S. 2026 mid-term elections proceed smoothly

    Outrageous Predictions

    Despite concerns, U.S. 2026 mid-term elections proceed smoothly

    John J. Hardy

    Global Head of Macro Strategy

    In spite of outstanding threats to the American democratic process, the US midterms come and go cord...
  • Dollar dominance challenged by Beijing’s golden yuan

    Outrageous Predictions

    Dollar dominance challenged by Beijing’s golden yuan

    Charu Chanana

    Chief Investment Strategist

    Beijing does an end-run around the US dollar, setting up a framework for settling trade in a neutral...
  • Obesity drugs for everyone – even for pets

    Outrageous Predictions

    Obesity drugs for everyone – even for pets

    Jacob Falkencrone

    Global Head of Investment Strategy

    The availability of GLP-1 drugs in pill form makes them ubiquitous, shrinking waistlines, even for p...
  • Dumb AI triggers trillion-dollar clean-up

    Outrageous Predictions

    Dumb AI triggers trillion-dollar clean-up

    Jacob Falkencrone

    Global Head of Investment Strategy

    Agentic AI systems are deployed across all sectors, and after a solid start, mistakes trigger a tril...
  • Quantum leap Q-Day arrives early, crashing crypto and destabilizing world finance

    Outrageous Predictions

    Quantum leap Q-Day arrives early, crashing crypto and destabilizing world finance

    Neil Wilson

    Investor Content Strategist

    A quantum computer cracks today’s digital security, bringing enough chaos with it that Bitcoin crash...
  • Taylor Swift-Kelce wedding spikes global growth

    Outrageous Predictions

    Taylor Swift-Kelce wedding spikes global growth

    John J. Hardy

    Global Head of Macro Strategy

    Next year’s most anticipated wedding inspires Gen Z to drop the doomscrolling and dial up the real w...
  • SpaceX announces an IPO, supercharging extraterrestrial markets

    Outrageous Predictions

    SpaceX announces an IPO, supercharging extraterrestrial markets

    John J. Hardy

    Global Head of Macro Strategy

    Financial markets go into orbit, to the moon and beyond as SpaceX expands rocket launches by orders-...
  • China unleashes CNY 50 trillion stimulus to reflate its economy

    Outrageous Predictions

    China unleashes CNY 50 trillion stimulus to reflate its economy

    Charu Chanana

    Chief Investment Strategist

    Having created history’s most epic debt bubble, China boldly bets that fiscal stimulus to the tune o...

This content is marketing material. 

None of the information provided on this website constitutes an offer, solicitation, or endorsement to buy or sell any financial instrument, nor is it financial, investment, or trading advice. Saxo Bank A/S and its entities within the Saxo Bank Group provide execution-only services, with all trades and investments based on self-directed decisions. Analysis, research, and educational content is for informational purposes only and should not be considered advice or a recommendation.

Saxo’s content may reflect the personal views of the author, which are subject to change without notice. Mentions of specific financial products are for illustrative purposes only and may serve to clarify financial literacy topics. Content classified as investment research is marketing material and does not meet legal requirements for independent research.

Saxo partners with companies that provide compensation for promotional activities conducted on its platform. Some partners also pay retrocessions contingent on clients investing in products from those partners. 

While Saxo receives compensation from these partnerships, all educational and research content remains focused on providing information to clients.

Before making any investment decisions, you should assess your own financial situation, needs, and objectives, and consider seeking independent professional advice. Saxo does not guarantee the accuracy or completeness of any information provided and assumes no liability for any errors, omissions, losses, or damages resulting from the use of this information.

Please refer to our full disclaimer and notification on non-independent investment research for more details.

Saxo Bank A/S (Headquarters)
Philip Heymans Alle 15
2900 Hellerup
Denmark

Contact Saxo

Select region

International
International

All trading and investing comes with risk, including but not limited to the potential to lose your entire invested amount.

Information on our international website (as selected from the globe drop-down) can be accessed worldwide and relates to Saxo Bank A/S as the parent company of the Saxo Bank Group. Any mention of the Saxo Bank Group refers to the overall organisation, including subsidiaries and branches under Saxo Bank A/S. Client agreements are made with the relevant Saxo entity based on your country of residence and are governed by the applicable laws of that entity's jurisdiction.

Apple and the Apple logo are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google LLC.