☕️ Showdown in France

What you need to know about the French presidential election... April 11, 2022 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( TOGETHER WITH [Fidelity]( Good morning. Here’s a wild factoid to kick off your week: No prime minister of Pakistan has ever completed a full term in office, and Imran Khan won’t be the first. The former cricket star was booted from his position as prime minister on Saturday following a no-confidence vote by parliament. I’m giving you all a vote of full confidence to have a great Monday. —Neal Freyman MARKETS: YEAR-TO-DATE Nasdaq 13,711.00 -12.36% S&P 4,488.28 -5.83% Dow 34,721.12 -4.45% 10-Year 2.717% +120.3 bps Bitcoin $42,167.62 -8.94% Ethereum $3,204.66 -12.98% *Stock data as of market close, cryptocurrency data as of 11:00pm ET. [Here's what these numbers mean.]( - Markets: The S&P has [bounced 7.6%]( from its 2022 low about a month ago, but that recovery hit a speed bump last week when several Fed officials went Chicken Little over inflation. Keep your eye on the 10-year yield, which has been on a tear since early March. That surge reflects the Fed’s plan to aggressively unwind its balance sheet, and indicates that borrowing costs will rise across the economy. INTERNATIONAL [For now, Macron is mightier than Le Pen]( [French President Emmanuel Macron looks on as he visits Chanel's Metiers d'Art workshops at le 19M](Christian Hartmann/Pool/AFP via Getty Images As if Europe wasn’t going through enough upheaval right now, the French presidential election threatens to unleash another wave of uncertainty across the Continent. French President Emmanuel Macron, the incumbent, and far-right candidate Marine Le Pen will head to a [runoff election]( in two weeks following a tight first round of voting yesterday. Early projections showed that Macron earned 28.1% of votes, versus Le Pen’s 23.3%. It’s a solid result for Macron, whose big lead over Le Pen vanished in recent weeks. But it also means Le Pen is closer than ever to winning. And if she were to pull off the upset in the runoff, it could set off a vibe shift as big as the UK’s Brexit vote or Donald Trump’s election as US president in 2016. Le Pen is far to the right of the centrist Macron, who last week deemed her a “racist.” She gained notoriety for her hard-line stance on immigration and, during this election cycle, has proposed banning Muslim headscarves in public spaces, calling them an “Islamist uniform.” She’s also a nationalist who has criticized international collabs like NATO and the European Union. In this campaign, however, Le Pen focused more on domestic economic issues. Fuel and food prices are soaring in France—Europe’s second largest economy—and Le Pen tightened the race considerably by speaking to voters’ cost-of-living concerns. Macron didn’t really run much of a campaign at all. He’s turned most of his attention to the war in Ukraine, and only bothered to hold one major rally in the lead-up to the vote. The French people are also pretty apathetic about the election. Voter turnout could be the lowest in 20 years. Bottom line: When Macron and Le Pen last duked it out in a runoff election five years ago, Macron dominated 67% to 33%. If Macron were to win again this time around, it will be by a much slimmer margin. �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=For%20now%2C%20Macron%20is%20mightier%20than%20Le%20Pen%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2022%2F04%2F10%2Fmacron-and-le-pen-head-to-run-off-election%3Futm_campaign%3Dmb%26utm_medium%3Dnewsletter%26utm_source%3Dmorning_brew%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3Da905682a%26utm_source%3Demail_share%0A WORLD [Tour de headlines]( [Tesla CEO Elon Musk talks to media as he arrives to visit the constructi...](Odd Andersen/Getty Images Elon Musk isn’t joining Twitter’s board after all. In what’s quickly become the steamiest corporate soap opera of 2022, Twitter CEO Parag Agrawal said last night that Elon Musk had [declined]( the board seat that was offered to him. Agrawal said Twitter would be open to Elon’s input as the company’s largest shareholder, but also told his team to “tune out the noise” and execute on the work ahead. The war in Ukraine is entering its second phase. Russian forces are focusing their efforts on securing the Donbas region in eastern Ukraine, where battles with Ukrainian defenders are expected to be [more conventional]( than the guerilla-type warfare seen around Kyiv. Over the weekend, UK Prime Minister Boris Johnson made a surprise visit to Kyiv to show solidarity with Ukrainian President Volodymyr Zelensky. How bad is the latest Covid wave? We [don’t really know](. The average number of US cases has hit its highest level in a month, but due to the drawdown in testing centers and the uptick of at-home tests, experts assume that many cases are going unreported. Dr. Fauci said on Sunday that individuals must assess their own risk levels, which reflects the US’ shift in strategy to treat Covid like an endemic disease. �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Tour%20de%20headlines%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2022%2F04%2F10%2Fthe-war-in-ukraine-enters-its-second-phase%3Futm_campaign%3Dmb%26utm_medium%3Dnewsletter%26utm_source%3Dmorning_brew%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3Da905682a%26utm_source%3Demail_share%0A AUTO [When a driverless car gets pulled over]( [A Cruise self-driving car](Cruise When a headlight is out, a cop pulls over your car and approaches the window to have a chat. But what happens when no one is driving the vehicle? A [video]( posted this weekend gives us some answers. On April 1, a Chevy Bolt operated by the autonomous driving company Cruise was [pulled over]( in San Francisco (it’s unclear what infraction the robot violated). After the police officer peeked inside the car and saw that no one was in it, the car fled the scene…and parked again on the next block to await its fate. In response to the video, Cruise said that the car followed the game plan: “Our AV yielded to the police vehicle, then pulled over to the nearest safe location…as intended.” Even better, the robot driver got away without a citation. Big picture: Scenarios like this are going to become a lot more common for San Franciscans. Cruise opened up a small-scale autonomous robotaxi service in the city on Feb. 1, and Alphabet’s Waymo began offering SF residents nighttime rides a few weeks ago. �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=When%20a%20driverless%20car%20gets%20pulled%20over%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2022%2F04%2F10%2Fan-incident-in-sf-shows-what-happens-when-an-autonomous-vehicle-gets-pulled-over-by-police%3Futm_campaign%3Dmb%26utm_medium%3Dnewsletter%26utm_source%3Dmorning_brew%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3Da905682a%26utm_source%3Demail_share%0A TOGETHER WITH FIDELITY [In-the-moment investment insights? Inconceivable!](#) We provide you with a great deal of up-to-date information about the markets in this little newsletter, but you know who just one-upped us? Oh, just take a guess. Yep, those pros at Fidelity are out here helping investors make smart trading decisions with [Decision Tech]([®](.� Decision Tech® helps deliver heads-up alerts on market events that could affect your portfolio—in real time! REAL. TIME. Not “Hey, we send this newsletter every morning” kinda time. Sigh. And on top of helping you make smarter investment decisions, Fidelity offers you [Stocks by the Slice](SM. This gives you the ability to own slices of your favorite companies or ETFs in any amount you choose. And what do we got? Morning Brew referral stickers. We got stickers. Sheesh, Fidelity. We’d be mad if we weren’t so dang impressed. [Learn more, and start trading U.S. stocks and ETFs commission free in the Fidelity® app here](. CALENDAR [The week ahead]( [Painted Easter eggs are attached to a garland on an Easter fountain](Nicolas Armer/picture alliance via Getty Images Inflation watch: The consumer price index is the highlight of a busy week for economic data. Inflation is expected to have jumped 7.9% from a year ago, which both you and the Fed consider much too high. The central bank could hike interest rates by a meatier one-half percentage point at its meeting next month. Earnings season is back: JPMorgan, Wells Fargo, and other big banks kick off the first-quarter earnings season. Their profits are projected to have plunged from last year, when the economy was roaring back from the Covid recession. Holidays! Passover begins at sundown on Friday night, and Easter is on Sunday. The stock market will be closed for Good Friday. Everything else: - Coachella begins on Friday in the California desert. - The NBA play-in tournament runs through the week, and the real playoffs start on Saturday. - Tuesday is National Grilled Cheese Day. I’m an American-cheese guy, but here are some [other cheeses]( to try for your sammie. �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=The%20week%20ahead%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2022%2F04%2F10%2Fthe-week-ahead-april-11%3Futm_campaign%3Dmb%26utm_medium%3Dnewsletter%26utm_source%3Dmorning_brew%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3Da905682a%26utm_source%3Demail_share%0A GRAB BAG [Key performance indicators]( [A 'We Are Open' sign is seen outside a restaurant in Kips Bay during the coronavirus pandemic](Noam Galai/Getty Images Stat: Remember when we thought Covid signaled the end of IRL…everything? Well, as of Q3 2021, US businesses had [7% more physical locations]( than they did pre-Covid, according to a new report from the think tank Economic Innovation Group (EIG). The predicted collapse of small businesses “failed to materialize,” EIG research and policy associate Connor O’Brien wrote. Quote: “I have known Dr. Oz for many years, as have many others, even if only through his very successful television show.” Former President Trump threw his [endorsement]( behind celebrity physician Mehmet Oz in the blockbuster Senate GOP race in Pennsylvania. It’s a blow to Oz’s toughest opponent, David McCormick, the former CEO of top hedge fund Bridgewater Associates. McCormick had been seeking Trump’s stamp of approval. Read: The Noom paradox. ([Vox]() �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Key%20performance%20indicators%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2022%2F04%2F10%2Fkey-performance-indicators-april-11%3Futm_campaign%3Dmb%26utm_medium%3Dnewsletter%26utm_source%3Dmorning_brew%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3Da905682a%26utm_source%3Demail_share%0A WHAT ELSE IS BREWING - [Scottie Scheffler]( won the Masters in comfortable fashion. It’s the 25-year-old Texan’s first major championship. - [Jared Kushner]( received a $2 billion investment from a fund led by the Saudi crown prince despite the fund’s advisers pushing back against the deal, the NYT reports. - [Sonic the Hedgehog 2]( scored the biggest debut for a video-game adaptation ever, bringing in $71 million at the domestic box office this weekend. - [Steelers]( QB Dwayne Haskins was killed after being struck on a South Florida highway. He was 24. - [Spain]( is investigating a person with a private taxidermy collection of more than 1,000 animals. BREW'S BETS Dive back into the week: - Shallow dive: Cool [party trick]( - Medium dive: The Comic Sans–Helvetica [collab]( we didn’t know we needed - Deep dive: [Who Americans trust for information]( - Cannonball: How to cut [Michelin star onions]( Nic Cage answered your questions: Read the actor’s [Reddit AMA]( from over the weekend. A workout that works for you. With Future, you’ll have access to virtual, high-touch, one-on-one fitness coaching catered to your lifestyle and goals. Brew readers get 50% off their first 3 months when you sign up [here](.* Crypto and blockchain and Web 3, oh my! CoinDesk’s Consensus is the biggest, longest-running festival showcasing all sides of crypto, NFTs, DAOs, the Metaverse, and lots more—and it’s back IRL in Austin. [Use code MorningBrew to save up to $1,600 on your pass here](.* *This is sponsored advertising content GAMES [The puzzle section](#) Turntable: Thanks to everyone who gave feedback on last week’s experiment with a timed Turntable challenge. Today, we’re giving readers the option to play the classic, untimed version of the game and a five-minute timed version. [Click here]( for untimed Turntable. [Click here]( for the faster-paced game. Nutritional facts We’ll give you the ingredient list of a popular food product; you have to figure out what it is. Today’s product has just six ingredients: Pork with ham, salt, water, potato starch, sugar, sodium nitrate. FROM THE CREW [The tax man cometh]( [A Rubik's cube full of icons like the dollar sign, the bitcoin sign, and a piggy bank.](Will Varner If you need help waking up this Monday morning, this might give you a jolt: Tax Day is a week from today. No need to stress if you haven’t filed yet—the Money Scoop Tax Guide is your dependable resource for understanding your taxes, from side hustles to NFTs. [Check it out](. This editorial content is supported by TaxAct. ANSWER Spam A Note from Fidelity Investing involves risk, including risk of loss. Morning Brew and Fidelity are independent entities and are not legally affiliated. Sell orders are subject to an activity assessment fee from one cent to three cents per one thousand dollars of principal. Fractional share quantities can be entered out to 3 decimal places (.001) as long as the value of the order is at least $1.00. Dollar-based trades can be entered out to 2 decimal places (e.g., $250.00). Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917 � � � � � Written by [Neal Freyman]( Was this email forwarded to you? Sign up [here](. WANT MORE BREW? Industry news, with a sense of humor → - [Emerging Tech Brew](: AI, crypto, space, autonomous vehicles, and more - [HR Brew](: analysis of the employee-employer relationship - [IT Brew](: moving business forward; innovation analysis for the CTO, CIO & every IT pro in-between - [Marketing Brew](: the buzziest happenings in marketing and advertising - [Retail Brew](: retail trends from DTC to "buy now, pay later" Podcasts → [Business Casual](, [Founder's Journal](, [Imposters](, and [The Money with Katie Show]( [YouTube]( Accelerate Your Career → - [MB/A](: virtual 8-week program designed to broaden your skill set [ADVERTISE]( // [CAREERS]( // [SHOP]( // [FAQ]( Update your email preferences or unsubscribe [here](. 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