France’s political calendar centers on the scheduled presidential election for April 18 and May 2, 2027, with Macron’s second term ending shortly thereafter. Legislative elections are due no later than June 2029, though the president retains constitutional authority to dissolve the National Assembly for a snap vote. Trader pricing for a snap election by December 31, 2026, sits low because recent budget negotiations, student protests over education funding, and fuel-price pressures have not produced the parliamentary deadlock or strategic trigger typically required for dissolution. The fragmented National Assembly and positioning ahead of the 2027 race favor stability over an immediate new legislative contest, with any earlier vote constrained by timing rules and the need to avoid complicating the presidential timeline.