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.
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French Politics Shift Right
- Marine Le Pen’s far-right party, Rassemblement National (RN), made significant gains in the first round of French parliamentary elections.
- This reflects a broader rightward shift in French politics, particularly on issues like immigration, crime, and security.
Potential Impact of RN Majority
- A potential RN majority could destabilize France's power-sharing government (cohabitation).
- The RN's Eurosceptic stance, particularly under Jordan Bardella, may lead to conflicts with the EU.
Bardella's Confidence
- Leila Abood interviewed Jordan Bardella, the 28-year-old head of the RN.
- Bardella expressed confidence in winning the election and becoming prime minister, a significant event in French history.