Daily briefing: Macron victory, UK leaving single market and Blackstone’s multiple problems

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French president Emmanuel Macron won a decisive majority in parliamentary elections, giving him considerable power as he embarks on reforms to reinvigorate the economy and restore French influence in Europe. His party and centrist ally Modem won 355 of 577 seats, according to estimates based on partial results.

But Mr Macron’s victory doesn’t mean he can ignore the energies driving both the far left and far right. (FT, Atlantic)

In the news

US Navy keeps South China Sea strategy close to vest
Washington’s efforts to contest maritime claims by Beijing in the South China Sea remain unchanged under the administration of Donald Trump, according to a senior US naval officer. But while the US is continuing “freedom of navigation operations” (Fonops) by warships, the country’s military is being quieter about the strategy. (FT)

UK will leave single market
Philip Hammond reaffirmed on Sunday that Britain will leave the single market and customs union when it withdraws from the EU, quashing the hopes of some business leaders that the chancellor might champion a significant change of approach to Brexit after the Conservative election disappointment. (FT)

Top N Korea nuclear negotiator secretly met US diplomats
The talks over the course of more than a year were aimed at freeing US prisoners and establishing a diplomatic channel. (WSJ)

Russia granted Trump trademark extensions during 2016 elections
While hacking Democrats’ emails and working to undermine the American electoral system — and

Article source: https://www.ft.com/content/abfccac2-5428-11e7-9fed-c19e2700005f