Market Overview

Macron, Le Pen Push Global Markets Higher

Macron, Le Pen Push Global Markets Higher

European equities moved notably higher Monday morning while U.S. equity future indices were similarly pointing to a stronger open following the results from the first round of national elections in France.

Global investors were keeping a close eye on the France national elections, particularly the anti-European Union populist candidate Marine Le Pen. She will face the centrist, pro-EU candidate Emmanuel Macron in the second round of voting on May 7.

Investors appear to be working under the assumption that a Macron victory will maintain the current status quo while a Le Pen victory could completely shake up the European Union — and global markets.

A CNBC report quoted Krishna Guha, a vice chairman at Evercore ISI, who said in a note that "no estimate has Le Pen so far ahead of Macron as to increase concerns about his ability to overhaul her in the run-off with the benefit of second choice votes from other mainstream candidates."

Guha's stance is further supported by the fact that François Fillon, a conservative candidate who failed to win in the first round of voting, offered his support not toward his fellow conservative Le Pen but to Macron.

Market Moves

Here is a look at the American market as of 8 a.m. ET.

  • SPDR S&P 500 ETF Trust (NYSE: SPY) +1.22 percent.
  • PowerShares QQQ Trust, Series 1 (ETF) (NASDAQ: QQQ) +1.10 percent
  • iPath S&P 500 VIX Short Term Futures TM ETN (NYSE: VXX) -9.24 percent.
  • VelocityShares Daily Inverse VIX ST ETN (NYSE: XIV) +9.24 percent.

Here is a quick look at European markets as of 8 a.m. ET.

  • France CAC 40 +4.54 percent.
  • Euronext 100 +3.67 percent.
  • German DAX +3.02 percent.
  • British FTSE 100 +1.79 percent.

Related Links:

French Connection: What An Election Means For ETFs

Citi Sounds The Alarm Over Owning French Bank Stocks
Image Credit: By Copyleft (Own work) [CC BY 4.0 (], via Wikimedia Commons

Posted-In: News Emerging Markets Eurozone Politics Events Global Markets Movers Best of Benzinga


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