FT News Briefing

First round victory for French far-right

Jul 1, 2024

The success of Marine Le Pen's far-right party in France reveals shifting voter sentiments on immigration and security. As the National Rally party rises, discussions about its implications for the EU ignite. In the financial world, US stock markets outperform expectations, while major firms like Morgan Stanley join others in scrapping UK bonus caps. Strategies shift toward small-cap and bank stocks, highlighting the evolving landscape of investment amidst the backdrop of changing political climates.

08:59

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Quick takeaways

Marine Le Pen's far-right party's victory signals a rightward shift in French politics.

US stock markets outperform expectations with significant gains, especially for tech stocks like Nvidia and Apple.

Deep dives

Far-Right Victory in French Elections

France's far-right politician Marine Le Pen celebrated an unexpected victory in the recent parliamentary elections with a win for her party, Rassamlement Nationale. This outcome indicates a significant shift to the right in French politics reflecting a broader trend of right-wing movements across Europe and the US. The rise of populist and far-right factions poses implications for the European Union, especially if the far-right gains the majority and introduces Eurosceptic policies.

Intro

2min

The Implications of France's Far-Right Political Shift

4min

Market Dynamics and the Quest for Financial Competitiveness

3min

Marine Le Pen’s far-right party has battered President Emmanuel Macron’s centrist alliance in the first round of snap parliamentary elections, US stock markets performing better than expected at the midyear point, and Morgan Stanley will join Goldman and JPMorgan in scrapping UK bonus caps.

Mentioned in this podcast:

French voters turn out in record numbers

Wall Street’s last remaining bears struggle to convince optimistic clients

Morgan Stanley to join Goldman and JPMorgan in scrapping UK bonus cap

The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Our intern is Prakriti Panwar. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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