B1 Intermediate UK 145 Folder Collection
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Here's what we're watching. We're trading under way in London.
In France, we are down to two candidates: Macron v.s. Le Pen.
And the market likes the sound of that second-round contest, looking for a Macron victory.
French banking stocks surging, and that's driving CAC 40 up 4% at the open.
Risk-on is not just confined to France, however.
Italian shares up more than 3% at the open, with even London's FTSE 100 up over 1.5%.
Euro climbed above 1.09 in Asia against the dollar—a five-month peak.
Single currency remains at 1%, around 1.083.
Euro has also sharply rallied against the pound and rose briefly against yen 120
—its highest level since late March.
There's also a big reaction in bonds,
with the premium for French 10-year paper shrinking to less than 50 basis points over German bunds.
This spread was back near 80 basis points last week.
And the question is: how soon do we see this relationship revert to the 30 basis-point area that largely sufficed before November?
A snap poll shows 62% support for Mr. Macron, and only 38% for Ms. Le Pen.
That's the kind of spread the market really likes to see.
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Euro and French equities jump | Market Minute

145 Folder Collection
missnerdypants published on April 25, 2017    missnerdypants translated    Hsin reviewed
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