Now that French Prime Minister Francois Bayrou has officially resigned after losing a no-confidence vote a day earlier, all eyes are on the person who could succeed him. Macron said he would tap a new premier in the coming days.

We have a list of the leading contenders, which includes the 39-year old current defense minister Sebastien Lecornu. Socialist party leader Olivier Faure, former prime minister Bernard Cazeneuve and even central bank governor Francois Villeroy de Galhau are also among the potential successors.

The problem will be finding someone who can find common ground in the polarized National Assembly — and who has the wherewithal to undertake deeply unpopular budget cuts to avert a debt crisis. Investors are unnerved, with France’s borrowing costs converging with Italy’s for the first time in the euro zone’s history.

Marine Le Pen’s far-right National Rally has been among opposition parties calling for a new legislative ballot, something that Macron appears to have ruled out. “For us, it’s a snap election or nothing,” as National Rally President Jordan Bardella summed it up on RTL radio.

Some have also called for Macron’s resignation, but he has steadfastly rejected quitting before the end of his term in 2027. After the downfall of the fourth prime minister in two years though, it’s hard not to see this as the swan song for the Macron era. — Zoltan Simon

What You Need to Know Today

Israel conducted a military strike against senior Hamas leaders in the Qatari capital of Doha, escalating an already tense standoff between the country and Arab nations over the war in Gaza. Several blasts were heard in the Qatari city. Qatar is a key mediator between Israel and the Palestinian group that’s designated as a terrorist organization by the US and European Union. 

Israel also ordered Gaza City’s one million residents to leave in advance of a major military offensive, with top officials vowing devastation unless Iran-backed Hamas surrenders. Global outrage has grown since Israel announced last month that it would take over the city, home to half the enclave’s population, with longtime European allies threatening to cut trade ties and planning to back Palestinian statehood at the United Nations in two weeks.

France and Germany are urging the European Union to target major Russian oil companies such as Lukoil or Litasco as part of the bloc’s next package of sanctions, according to a document seen by Bloomberg. The EU is currently discussing the content of its 19th package of sanctions, which includes proposed measures to target Russian banks and the country’s energy trade.

Norwegian Prime Minister Jonas Gahr Store is starting talks to form a new Labor government after his center-left bloc won a slim majority in the national legislature. Store — who stemmed 16 years of consecutive decline in Labor support — said he would seek agreements with left-leaning parties, but also broader cooperation across the political spectrum on topics like support for Ukraine and defense.

Egypt is lifting a decades-old rental cap that had allowed millions to pay below-market prices. Rents on affected properties stand to soar as much as 20 times in upscale areas while for lower-income areas the increase would be 10-fold. Contracts on previously rent-controlled housing will be nullified after a seven-year grace period. The government has vowed to build low-income housing to help with the transition.

Banca Monte dei Paschi di Siena has secured a majority stake in Mediobanca, cementing a once-unthinkable €16 billion takeover that’s set to reshape Italian finance. The deal is set to create Italy’s third-largest lender by assets, in line with Italian Prime Minister Giorgia Meloni’s push to establish a new large bank that can rival Intesa Sanpaolo and UniCredit.

Ethiopia inaugurated Africa’s biggest hydroelectric dam, which will power homes and industries across East Africa while deepening a years-long dispute with Egypt and Sudan over the Nile’s flow. Africa’s second-most populous nation expects the dam to address chronic energy shortages and to sustain its manufacturing sector.

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