FT News Briefing The leftwing stuns France
Jul 8, 2024
France witnesses a remarkable left-wing political shift, successfully uniting against the far-right. Meanwhile, Labour's election triumph boosts UK market confidence, sparking discussions on potential economic reforms. On the international front, a Chinese province close to Taiwan struggles to attract businesses, despite aspirations for closer ties. Tensions rise as Taiwanese investments in China plummet, reflecting growing concerns and cautious investor attitudes. Lastly, the world is on track for record warmth, with ocean temperatures at their highest for 15 consecutive months.
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French Election Results
- France's left-wing alliance narrowly won, blocking the far-right National Rally party.
- However, no major block holds a parliament majority, leaving France in political limbo.
UK Market Response to Labour Win
- UK markets responded positively to Labour's election win, with stocks, bonds, and sterling rising.
- Investors anticipate political stability and Labour's focus on financial responsibility.
Global Temperature Rise
- Scientists predict 2024 to be the hottest year on record, exceeding the 1.5 degrees Celsius limit.
- However, the transition to La Niña, a cooling weather pattern, may offer some relief.