European stocks rally led by CAC 40
|Following the first round of French presidential election, major equity indexes in Europe recorded substantial gains as investors speculated that pro-growth centrist candidate Emmanuel Macron would easily beat the anti-EU candidate Marine Le Pen in the second round on May 7.
- French elections: Big win for Macron, and for French pollsters – TDS
- IFOP poll: Macron 60% vs. Le Pen 40%
Fueled by bank shares, the French CAC 40 Index gained 209.65 points, or 4.15%, on the day. “This confirms the ‘central scenario’ that was mostly priced in already, so I don’t expect euphoria on the markets. Banking stocks could outperform after their recent weakness,” Andrea Tueni, a trader at Saxo Bank, told Bloomberg following the election outcome.
The Euro Stoxx Banks Index leaped 6.7% and pushed the Euro Stoxx 2.11% higher. Germany’s DAX Index closed at 12.451,25, adding 3.34%, or 402,68 points. UK's FTSE 100 also rose 2.15% on Monday.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.