elections suggest the far right have made historic gains. voters turned out in strength — at the highest level for a0 years — for the snap polls called by president macron last month. a decision that shocked many and spooked financial markets, raising questions over the stability of the eurozone�*s second—largest economy. a quick recap of those exit poll results. marine le pen�*s far right national rally party came top with more than a third of the vote, followed by a surge in support for the left—wing coalition with around 28% of the vote. and president macron�*s centre—right alliance of parties relegated to third place. final results won't be known for another week with a second round of voting next sunday. joining me now is sonia renoult, rates strategist at abn amro bank. hello and welcome to the programme. first off, give us your reaction to those results in the markets' reaction as well. , , , ., well. yes, the results were not reall a well. yes, the results were not really a surprise. _ well. yes, the results were not really a surprise. the _ well. yes, the results were not really a surprise. the surveys l really a surprise. the surveys were already indicating this order of the political parties, so the far right coming first, and quite strongly with the left—wing coalition and then third position is macron�*s party. so we were not really surprise there. but the left coalition has actually had a strong comeback, so this could potentially lead to a further rise of the french government in the rates market because of course the left—wing government also has expensive and stimulative fiscal political programme that any over political party. it will be interesting to see how the market opens on the side but this could potentially further increase the french borrowing costs in the market.— increase the french borrowing costs in the market. there is a lot of talk, _ costs in the market. there is a lot of talk, isn't _ costs in the market. there is a lot of talk, isn't there, - costs in the market. there is a lot of talk, isn't there, of - lot of talk, isn't there, of investors being potentially spooked, that we could see a french version of written�*s trust. french version of written's trust. w , french version of written's trust. , trust. exactly. the comparison with liz truss _ trust. exactly. the comparison with liz truss in _ trust. exactly. the comparison with liz truss in 22 _ trust. exactly. the comparison with liz truss in 22 was - with liz truss in 22 was recently, so this could potentially be seen in france. this is more a scenario that i would be for the far left may be coming into power, so as i said, the left coalition has indeed a more expensive fiscal programme, that increases the deficit much more than any other political bodies. this will likely come as a strong reaction to the market if they were to come with an absolute or even strong majority in the parliament. will the far right or the government has already seen a couple of key economic, especially the most costly, and has already actually acknowledge the government that is already quite stretched in france, so on that side, we see a bit more risk leaning towards the left—wing coalition in power than any other political parties. power than any other political arties. power than any other political arties, , , . , power than any other political arties. , . , ., ., parties. the prospects of a hunu parties. the prospects of a hung parliament _ parties. the prospects of a hung parliament also - parties. the prospects of a hung parliament also are l parties. the prospects of a - hung parliament also are being discussed, in general, just how fragile are france's finances? yes, so, the current deficit for france has already come into worry, we had a deficit already overshooting the target of 2023 by a significant margin, we have it at 5.5% of gdp at the moment, but any estimates that we have seen that we have made on our research side but also from over independent research in issues shows any additional spending willjust keep on increasing the deficit outlook for the upcoming year, which is of course the trajectory it is supposed to take. we have the new eu rules being established years of this will be quite important for the eu but also for investors to see some fiscal coming. while that is clearly not in the political programmes of the far right, neither of the left—wing coalition so this will definitely bring some concerns if they were to come up with an expensive fiscal programme. we all know markets don't like uncertainty. in terms of volatility for the euro and for french assets, a quick summary over the next few days, possibly weak, maybe beyond that? , , ., that? yes, depending on the result, because _ that? yes, depending on the result, because indeed - that? yes, depending on the result, because indeed it- that? yes, depending on the result, because indeed it is l result, because indeed it is quite high despite the second round results, the second round will be crucial in determining it, but even if we get a hung parliament, a lot of political negotiation will still come after the seventh ofjuly, so this will still most likely lead to some uncertainty in the market and they will have the market and they will have the market still, the trajectory it can take really depends on which government comes for the upcoming three years, and as i mentioned already, but also applies to the stock market for currency starred, any risk of having the government coming with a strong stance against the eu, for instance, which is the eu, for instance, which is the case of the left coalition for the moment is likely to create a bit more tension and volatility in the french market. volatility in the french market-— volatility in the french market. . ~' , ., , volatility in the french market. ., ~ , . market. thank you very much indeed. thank— market. thank you very much indeed. thank you. _ we will stay with the elections now. and they warning over a rising debt level with the country is heading to the polls. the bank for international settlements said the global economy is looking set for a "smooth landing" but warned that the financial system remains vulnerable. urging central banks to set a high barfor any interest rate cuts as rash moves could reignite inflationary pressures. for more on this, i'm joined by markets analyst craig erlam. hello there to you. when they say hi bar, what they say in this report? do they sit it out for us? , ., ., , for us? they are not entirely specifie- _ for us? they are not entirely specifie- i — for us? they are not entirely specific. i think _ for us? they are not entirely specific. i think what - for us? they are not entirely specific. i think what they i for us? they are not entirely| specific. i think what they are trying to really push through is that there is a strong appetite now around central banks for them to start cutting interest rates because inflation is coming back to more sustainable levels. this is basically a warning that while we are close, and the uk were there, there is still inflationary pressures within a system, particularly around services, which tends to have a more sustainable impact. so they are trying to warn central backs not to be too hasty, repeat mistakes of the past and risk more inflation. i think central banks are very aware of this in the language we have heard from central banks over the last two years highlights where they are of those risks. we have some key figures coming in this week, primarily from the us. we have thejobs data laced weekend more i think coming in later this week. they have tended to play quite cautiously, haven't they? they have. cautiously, haven't they? they have- even _ cautiously, haven't they? they have. even if _ cautiously, haven't they? they have. even if you _ cautiously, haven't they? they have. even if you look - cautiously, haven't they? they have. even if you look back - cautiously, haven't they? they have. even if you look back to | have. even if you look back to the start of this year, markets were pricing in 175 basis points or 1.75% of rate cuts at a time when the federal reserve was being far, far more cautious and proved to be correct in doing so. we have some inflation data and it shows we are moving in the right direction in the us, i think around 2.5% now, farfrom the inflation goal. this week is all about the jobs. we have thejob openings this is all about the jobs. we have the job openings this week, jobless claims and the jobs report unemployment rate, new jobs created and crucially wages component which obviously makes such a big part of services inflation and, by in fact, inflation overall, so thatis fact, inflation overall, so that is what is coming on friday. that is what is coming on frida . . , ., ., ~ friday. that is great. thank ou friday. that is great. thank you very — friday. that is great. thank you very much _ friday. that is great. thank you very much indeed. - to hungary now, as it begins its presidency of the european union. working under the slogan �*make europe great again�*, speculation is high over whether prime minister victor orban will use the six—month role to further his reputation as the bloc�*s main spoiler. tensions between hungary and other member states are high with the country fined heavily for failing to follow eu laws on immigration and discomfort around hungary's close relationship with china and russia. on sunday, mr orban announced the plan to form a new patriots for europe alliance in the european parliament with the leader of austria's far—right freedom party, and the former czech prime minister. joining me now is professor peter balazs from the central european university. mr balazs has served as hungary's ambassador to the eu and as foreign minister. hello and welcome to the programme, ambassador. first of all, i would like to get your reaction as victor orban picks up reaction as victor orban picks up this role. reaction as victor orban picks up this role-— reaction as victor orban picks up this role. you mentioned the sloaan of up this role. you mentioned the slogan of the — up this role. you mentioned the slogan of the hungarian - slogan of the hungarian presidency, make europe great again. it is a clear provocation because repeating the message of donald trump, but in the semester when presidential elections will take place in the united states. otherwise, victor orban has put his veto in almost everything in european union in order to slow down the action of the eu with special regard to the relations with russia and china. however, we are in a very special period of six months because the council we are hungry will hold the presidency will be a kind of a lame duck in the coming months as the commission is under a restructure oration and the european parliament has just been elected, so the two partner institutions in the eu will be in a transitory period. the council alone cannot do everything without that cooperation. so in addition, the eu tried to limit the possibilities of mr obran two important events will not take place but usually happen at the start of a new six—month presidency. one is the visit of the commission to the country of the presidency. it will not happen this time with hungary. she is not coming to budapest and the commissioners will not visit the hungarian partners, the sectoral ministers. and the other event, that is the usual speed of the prime minister of the presidency country at the european parliament, and it happens that the european parliament will not hold a session onjuly 17 when the speech was due. i session on july 17 when the speech was due.— session on july 17 when the speech was due. i wonder if i can jump _ speech was due. i wonder if i can jump in _ speech was due. i wonder if i can jump in very _ speech was due. i wonder if i can jump in very quickly. - speech was due. i wonder if i | can jump in very quickly. that man leads me to the next question. is that we how much power does the president of the eu hold? —— exactly how much power. eu hold? -- exactly how much ower. , , eu hold? -- exactly how much ower. , y power. very, very limited power because this _ power. very, very limited power because this is _ power. very, very limited power because this is the _ power. very, very limited power because this is the presidency . because this is the presidency of the kind of a chairmanship, chairing the meetings of the sectoral ministers, setting the agenda. he can, i mean, quoted can slow down or speed up certain things, not divert the eu from the main objectives, and the prime minister and the foreign minister are just average members of their bodies, european council and the council of foreign ministers, because permanent residents are chairing those meetings. residents are chairing those meetings-— residents are chairing those meetinus. . ,. . meetings. 0k. fascinating! it has been _ meetings. 0k. fascinating! it has been a — meetings. ok. fascinating! it has been a wonderful- has been a wonderful conversation. thank you very much indeed. thank you. you are welcome- — around the world and across the uk, this is bbc news. to the us now for the latest in the ongoing crisis at the plane—making giant boeing. the lawyer representing the families of people who died on two fatal crashes on boeing 737 max planes has told the bbc that the usjustice department is planning to offer the aircraft maker what he calls a "sweetheart plea deal." nick marsh has the details. what more can you tell us about this? ~ ., what more can you tell us about this? ~ . , ., . this? we have been in touch with paul — this? we have been in touch with paul casal, _ this? we have been in touch with paul casal, who - this? we have been in touch with paul casal, who is - with paul casal, who is representing 15 families of the victims of those plane crashes, and he has been highly critical of what he calls a so—called sweetheart deal which has been arranged between boeing and the department ofjustice. we have had no word from the doj or boeing yet but paul casal basically says boeing has come to an arrangement with the doj, to an arrangement with the 00], which would stop it going to a criminal trial in relation to those 346 deaths, those fatal plane crashes in 2018 and 2019. i will give you a bit of background in terms of how we got here. in 2021 boeing promised the department of justice that it would improve its safety culture, its ethics in the aftermath of those crashes, and in return, it would avoid criminal charges. as we know, we have reported so many times in the past year or so, there have been many, many safety incidents in then, so the alaska airways, that all came off, whistleblowers saying the corners have been cut, safety standards are not up with, boeing is well imitate or inject —— the doj has had we are going to press charges, fraud technically speaking because that is a breach of the agreement that they had in 2021, but if paul casal, if the lawyers representing the victims' families are to be believed and this is what they have told us, a deal is in the works in which boeing would plead guilty, but it would avoid going to trial, which obviously is really going to upset the families, judge still does need to approve this and we haven't heard from boeing or the doj yet, it will be a controversial development if it goes ahead. controversial development if it goes ahead-— controversial development if it goes ahead. ok, i know you are followin: goes ahead. ok, i know you are following this _ goes ahead. ok, i know you are following this story _ goes ahead. ok, i know you are following this story for - goes ahead. ok, i know you are following this story for us. - following this story for us. thank you very much. the world of weight loss has been revolutionised by a new wave of drugs. ozempic is probably the most famous, becoming a byword for rapid weight loss, especially among hollywood celebrities, due to its appetite suppressing properties. other similar drugs like mounjaro and zepbound are made by the us pharmaceutical giant eli lilly and their popularity have sent its share price soaring. my colleague sean farrington spoke to its boss and started by asking him how much of an impact these drugs will have on the world. obesity is known and has been shown in surgical intervention studies, but also and lifestyle intervention, when you can mitigate obesity in adulthood, you can mitigate downstream disease and some scale and estimates that 40% of healthcare costs and maybe a little more than that of chronic disease for adults is connected directly to overweight and obesity. of course, heart disease and diabetes, but many others and conditions can be impacted by obesity, and we know that if people can lose weight with diet and exercise, which is always the first line of care and long—term studies in surgical interventions and shorter—term studies, like medicines lily makes, that we can reduce the diseases that are actually downstream of overweight and obesity. if that plays out in medicine by diet and exercise doesn't surgical interventions, we could have a chance to address 40 or 50% of the diseases, which is a pretty significant impact on the world. when you say first line of care is diet and exercise, what are the concerns that this could overtake that concept is the first line of care, inject something in you and take a pill instead of actually improving your lifestyle? both concerns are often expressed. i see that in social media and lifestyle and in medical circles, but our position as a company, our point of view and it is how we do our clinical studies, we demonstrate for medications always as diet and exercise and daily movement depending on someone's other comorbidities, as the baseline of care and we add or do not add the to see the difference. this should always be the case and i think there's great evidence that for long—term prevention if you want to prevent these diseases that are driven by obesity, the best way to prevent those diseases is maintain a long long—term diet and healthy regime. to london now, where it's the start of wimbledon today. the iconic tennis tournament at the all england club is a mainstay of the sporting calendar and is synonymous with the british summer. fans from around the world flock for the world—class tennis, to see and be seen, and of course enjoy delicacies like strawberries and cream. here is a fact for you. apparently over 38 tonnes of the fruit is consumed over the championship. well, one of those fans joins us now — our own sally bundock — the fact that i want to know, the figure i want to know is where are you in the queue right now? mil where are you in the queue right now?— right now? all right. i am 1607, which _ right now? all right. i am 1607, which means- right now? all right. i am 1607, which means i - right now? all right. i am 1607, which means i mayj right now? all right. i am - 1607, which means i may not get centre court tickets, port number one or two. i centre court tickets, port number one ortwo. i might centre court tickets, port number one or two. i might be on the fringes. we were not early enough. we got here at four o'clock this morning. already 1606 were already in the curia. anyway, never mind. we are having a marvellous time, and you can see it is busy and the people behind me on this site are the ones who slept overnight, they are the clever ones who are likely to get centre court tickets because they have been here literally since yesterday or maybe saturday. ijust want literally since yesterday or maybe saturday. i just want to introduce to you some of the people in this queue because as you mentioned, it is a huge event, it attracts people from all over the world, 500,000 spectators will come here