Yesterday’s mass demonstration in France brought the struggle against Macron to new heights. For the past two months, the movement (triggered by a new attack on pensions) has been intensifying. Government officials were hoping that everything would be back to normal by the weekend, counting on the movement to fade away after Thursday’s demonstration. They were wrong. Yesterday, 3.5 million workers and youth flooded the streets of most cities in France, as the strikes and protests took on a decidedly more militant mood.

The situation has gone from bad to worse for the world’s financial markets. After three bank collapses in the US and one in Switzerland, the markets are looking for the next weak link.