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Support for Macron marches on, leaving the UK as Europe's 'political basket base'

French President Emmanuel Macron at a press conference at the Chancellery on May 15, 2017 in Berlin, Germany.
Axel Schmidt | Getty Image
French President Emmanuel Macron at a press conference at the Chancellery on May 15, 2017 in Berlin, Germany.

French President Emmanuel Macron's nascent political party has stormed past its traditional rivals in the first round of voting in parliamentary elections which took place Sunday.

The result supports predictions that Macron will secure a whopping majority in the second round, thereby paving the way for him to implement his pro-business agenda.

According to the French Interior Ministry, Macron's La Republique En Marche! movement – in alliance with the centrist MoDem party – gained 32.32 percent of the vote.

France's right wing Republican party, allied with the Union of Democrats and Independents, secured 18.80 percent. They were tailed by Marine Le Pen's far-right National Front at 13.20 percent and the left wing Socialists who are the party of former President Francois Hollande at 7.44 percent.

A second round of voting for candidates who scored above 12.5 percent (securing above 25 percent of votes first time round counts as an outright win) will take place on June 18, after which Reuters reports that Macron could hold power over as many as 445 seats in the 577-strong National Assembly. Many of the En Marche! candidates have little or no political experience due to Macron's pledge to cleanse France's political establishment.

But voter turnout, at an historic low of 48.71 percent, called the strength of Macron's mandate into question.

"Macron has exceeded everyone's expectations," Richard Hodges, head of unconstrained fixed income at Nomura Asset Management told CNBC's Squawk Box Monday. "He's going to take this opportunity, his popularity not only domestically but probably internationally – Europe-wide – as a big means to start pushing through a lot more policies," Hodges added.

Macron presented an opportunity to look "at the next stage of the European economy, the euro zone," Hodges suggested, which would be "more to do with fiscal union going forward."

Meanwhile, Daiwa Capital Markets Europe contrasted Macron's success with U.K. Prime Minister Theresa May's failed political gamble following the General Election result Friday. A note Monday said that the French parliamentary elections played into the narrative of a "shift in support away from the populists … across the euro area, leaving the U.K. as Western Europe's political basket case."

It added that, "While we should still expect Macron's labor market reforms to face opposition from the unions … their parliamentary passage should be assured."

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