Emmanuel Macron’s victory in the French presidential election has reassured investors
- Latest: French market hits nine-year high, then drops
- Introduction: Macron victory cheers markets
- French election: Macron pledges unity after victory over Le Pen – live updates
- Experts: Macron faces massive challenge
- Euro hits six-month high, before dipping
- Full story: Historic win for Macron over Le Pen
The euro has also lost its oomph, and has just dropped 0.4% to $1.096, away from last night’s six-month high.
Darren Ruane, Head of Fixed Interest at Investec Wealth & Investment, suspects that some traders are banking their winnings.
“Given that Macron’s election win was fully expected by markets, early price movements show a small degree of profit-taking.
Market, eh? After a brief Macron bounce, the main European indices have all now dipped into the red.
And after hitting that post-crisis high, France’s CAC 40 has dropped back.
Emmanuel Macron’s landslide victory shows French voters acknowledged that leaving the euro will not solve the economy’s problems. However, Le Pen’s still strong showing shows how Macron has just five years to turn France around.
His programme can put France back on a path of stronger growth, but he may only get a small majority in June’s parliamentary elections.