Davy Research

Market Comment

Macron wins first round

DAVY VIEW

As signalled by the polls, Emmanuel Macron took victory (23.9%) in the first round of the French presidential elections, with Marine Le Pen (21.4%) a close second. Both will now contest the run-off on May 7th. The euro jumped overnight to $1.09 from $1.07 on Friday and European stock futures were up 3-4% as markets bet that the centrist, pro-Europe Macron will win the run-off. Polls give him nearly two-thirds of the electorate in a run-off with Le Pen, while the defeated establishment parties have now rowed in behind his campaign.

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