A French appeals court upheld former Rassemblement National leader Marine Le Pen's embezzlement conviction, but modified her sentence, allowing her to run for president next year. However, it remains unclear whether she will stand, given that she has indicated it would depend on not being sentenced to electronic monitoring. Moreover, with the precedent set by Giorgia Meloni's Italian government and the party's efforts to appear more business-friendly, a potential RN victory is viewed by financial markets as less disruptive than in previous presidential elections, ING economist Charlotte de Montpellier says. But the party remains highly critical of European integration. RN regularly criticizes European fiscal constraints, excessive deficit procedures, and austerity policies, at a time when France's fiscal challenges loom large, de Montpellier says. (edward.frankl@wsj.com)