He ran France like a tech bro excited to break things, rather than a political leader who made voters feel part of a collective project.

But while investors are focused on the prospect of a hard-Right parliamentary majority after this weekend’s final National Assembly vote, Emmanuel Macron’s decision to align himself with the Left may have more serious implications for the French economy.

But the defeat is far more than just Macron’s. The election’s biggest winner is not some other mainstream political party, but the National Rally, which came in first. After the runoffs, it may control a majority.