U.S. stocks drifted to a mixed finish Monday, and yields jumped in the bond market as elections continue to drive swings in financial markets worldwide.
Some of the world’s strongest action was across the Atlantic, where the CAC 40 index in Paris jumped as much as 2.8% before settling to a gain of 1.1%. Results from France suggested a far-right political party may not win a decisive majority in the country’s legislative elections.
That bolstered hopes for potential gridlock in the French government, which would prevent a worst-case scenario where a far-right with a clear majority could push policies that would greatly increase the French government’s debt.
Sweden to pay grandparents to take care of grandkids
Sweden launched a groundbreaking new law on Monday that allows grandparents to step in and get paid parental leave while taking care of their grandchildren for up to three months of a child’s first year.
The development comes after the Swedish parliament, the 349-seat Riksdag, approved last December the government’s proposal on transfer of parental allowance. This comes 50 years after the Scandinavian country became the first in the world to introduce paid parental leave for fathers and not just mothers.
Under the law, parents can transfer some of their generous parental leave allowance to the child’s grandparents. A parent couple can transfer a maximum of 45 days to others while a single parent can transfer 90 days, according to the Social Insurance Agency, a government agency that administers the social insurance system.
