parliamentary elections

After numerous media appearances, Macron and Le Pen are facing each other in a TV debate tonight, which Barclays' analyst Francois Cabau dubs "Crucial."

According to Barclays, this debate is key for two main reasons: 1) it will allow Le Pen to clarify her views on Europe (that she has tried to soften to a large extent recently in an apparent move to attract Fillon's voters) which are arguably a weak point on her side; and 2) it may be seen to, informally, mark the start of the campaign for the legislative elections.

Some further thoughts from Barclays:

After months of anticipatory build up, voting is underway in France on Sunday in the first round of a bitterly fought presidential election that is seen as crucial to the future of the Eurozone, and a closely-watched test of voters' anger with the political establishment.

Local polling stations opened at 0600 GMT and will close at 1800 GMT, with about 47 million voters expected to cast their ballots in around 67,000 polling stations amid a high terror alert.

Last October, Deutsche Bank's credit derivatives expert Aleksandar Kocic, one of the best stream-of-consciousness, James Joyceian writers among the Wall Street sell-side, penned what was at the time the best summary why the existing politcal system was fracturing with every passing day.

Authored by Alexander Mezyaev via The Strategic Culture Foundation,

While Rutte's victory in Holland has the elites and the media proclaiming the populist revolution is dead (despite a surge in Wilders' support relative to mainstream parties), movements driven by Euroskepticism and "anti-establishment" sentiment remain top of mind in all of Europe’s key elections this year.