Marine Le Pen’s far-right National Rally (RN) party is projected to have won 34% in the first round of France’s parliamentary elections on Sunday, initial projections showed, per CNN.

Meanwhile, French President Emmanuel Macron’s centrist alliance suffered staggering losses, coming third with 20.3% of the vote. The left-wing coalition of the New Popular Front (NFP) made a strong showing with 28.1% of the vote.

According to their projections, the far-right would win between 230 and 280 seats in the National Assembly, leaving it short of the 289 seats needed for an absolute majority.

Market players will keep an eye on the second round of elections on July 7. The RN will try to win an absolute majority to run the National Assembly without needing coalition partners.