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President Macron picks new prime minister

President Emmanuel Macron has named Jean Castex as his new prime minister -- in an attempt to reinvent his administration and win back voters.

55-year-old Castex is a top civil servant and a local mayor who orchestrated France's lockdown exit strategy.

He hails from the center-right of French politics and served for two years as the second-highest-ranking official in the Elysee Palace during Nicolas Sarkozy's presidency.

An Elysee official described Castex as a senior civil servant whose experience in local politics would help Macron connect with provincial France.

The announcement followed the resignation of Edouard Philippe, a figure some political analysts say was more popular than the president himself.

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But after his party’s dire showing in nationwide municipal elections on June 28, Macron wanted an overhaul.

He’s reshaping his government as France grapples with its deepest economic depression since World War Two, a sharp downturn that will shrink the economy by about 11% in 2020 and reverse hard-fought gains on unemployment.

Investors will be watching to see if Finance Minister Bruno Le Maire keeps his job -- as he’s overseen reforms to liberalize the economy and spent big to keep companies like Air France and Renault afloat during the crisis.

As for Macron and Philippe, the pair dined together on Wednesday and met on Thursday.

An Elysee source described the discussions as warm and friendly.

Saying both men agreed on "the need for a new government to embody the next phase and a new path."