Marine Le Pen’s Rassemblement National secures significant first-round victory in French election, with political tensions rising as opposition parties aim to prevent far-right majority. Financial markets cautiously optimistic as runoff vote approaches.
Marine Le Pen, leader of France’s far-right Rassemblement National (RN), arrived at her party headquarters today following a significant first-round victory in the French election held yesterday. The RN topped the polls with 33.2%, surpassing the leftwing New Popular Front at 28% and President Emmanuel Macron’s Ensemble alliance at 22.4%.
The election results have left financial markets cautiously optimistic, with stocks and the euro experiencing a slight rise as investors speculate that the runoff will prevent the far right from securing a majority in the National Assembly. The runoff vote is set for this Sunday, and political tensions are high as opposition parties discuss forming a united front against the RN.
The conservative Les Républicains have decided to allow their voters to choose independently for the runoffs, breaking the tradition of forming a united front against the far right. The developments are being closely monitored by Brussels, given the potential implications on EU trade and fiscal policy.
The European Central Bank is also watchful of the situation, with concerns that a potential RN-led spending spree could lead to conflicts with the EU over rising debt. An RN government may impact EU trade through protectionist policies, despite Le Pen dropping earlier views like abandoning the euro.
Meanwhile, the UK and European economies are also navigating key events. The UK gears up for a general election in three days, with Labour urged to provide new economic leadership, while German policymakers debate tax cuts to boost investments. Environmental and economic challenges persist across Europe, highlighting the interconnected nature of global political and financial landscapes.
