🚀 European Election Results

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. The U.K.’s opposition Labour Party has won a significant parliamentary majority in the general election, ending the Conservatives' 14-year rule. Early Friday, Labour reached the threshold to govern alone, leading to PM Rishi Sunak's concession of defeat and resignation as Conservative leader. Keir Starmer, the Labour party leader, will become the next prime minister. He declared victory early Friday. The Labour Party takes over a Britain shaken by Brexit, the Covid-19 pandemic, and a cost-of-living crisis. Starmer, a self-proclaimed socialist, aims to implement free university tuition and public ownership of rail, mail, energy, and water services.

2. France's left-wing New Popular Front coalition unexpectedly thwarted a far-right advance in a parliamentary run-off vote, securing the largest number of seats but falling short of an absolute majority, according to early data. The New Popular Front, an alliance of five parties ranging from the far-left France Unbowed to the Socialists and the Ecologists, could secure between 180 and 215 seats. President Emmanuel Macron’s Ensemble party and its allies were projected to gain between 150 and 180 seats, while far-right Rassemblement National was seen in third place with 120-150 seats. Prime Minister Gabriel Attal of Macron’s party announced his intention to resign. With no party reaching the absolute majority of 289 seats, France faces a likely hung parliament, leading to potential instability as political alliances are forged to form a government.

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4. Headlines

   1. HBC, the parent company of Saks Fifth Avenue, is acquiring Neiman Marcus Group for $2.65 billion. The new company Saks Global, will encompass Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus, and Bergdorf Goodman.

   2. Vietnam has topped the InterNations study as the most affordable country for expats. It’s popularity with US remote workers has increased significantly since the pandemic.

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