After suffering a heavy defeat in the EU vote, French President Macron calls for a snap election.

• On Sunday, Emmanuel Macron, the French President, announced that he would dissolve parliament and hold a new election following a significant loss in the EU elections.
• According to exit polls, Emmanuel Macron's Renaissance party is projected to receive approximately 15.2% of the vote, while Marine Le Pen's far-right National Rally is expected to receive around 31.5%.
• In a TV address, Macron stated that he would not be able to act as if nothing had happened at the end of the day.

After losing in EU elections on Sunday, French President Emmanuel Macron announced he would dissolve parliament and hold a new legislative election.

According to exit polls published by France TV, Marine Le Pen's far-right National Rally (RN) is predicted to receive approximately 31.5% of the vote, while Emmanuel Macron's Renaissance party is expected to receive 15.2%.

The French leader called for a surprise parliamentary election, with the first round on June 30 and the second round on July 7, following the blow.

In a TV address, Macron stated that he would not be able to act as if nothing had happened at the end of the day.

Early data indicates that populist, far-right parties received record support on the final day of voting for European Parliament members.

The EPP is projected to win the most parliamentary seats again, but with a slight increase in seats.

This is a developing story and will be updated shortly.

— CNBC's Charlotte Reed contributed to this report.