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Emmanuel Macron, the independent centrist, swept to victory in France’s presidential election, beating far-right candidate Marine Le Pen.
The win for Mr Macron, who snared 65 per cent of the vote, had been expected by markets, and the reaction today in Asia has been relatively controlled.
The euro has pulled back 0.3 per cent to $1.0964 from Friday’s six-month high. Probably a bit of the old “buy the rumour, sell the fact” going on there.
That said, most major currencies are nursing declines against the US dollar. The British pound and the Swiss franc are each down 0.2 per cent versus the greenback, while the Japanese yen is trading flat.
Futures tip London’s FTSE 100 to open 0.5 per cent higher and for the S&P 500 to open flat.
In Asia, Japan’s Topix is the best performer, up 2.2 per cent in the first trading session since last Tuesday. Those gains are likely to be pent up, given Japanese markets were shut for three straight public holidays last week. Meanwhile, Australia’s S&P/ASX 200 was up 0.4 per cent, boosted by a rebound in commodity prices.
Hong Kong’s Hang Seng gained 0.4 per cent, while China’s Shanghai Composite was down 0.9 per cent.
Companies reporting today include Centrica and Numis. Here is today’s economic calendar (London times):
- 07.00: Germany factory orders
- 08.00: Turkey industrial production
- 08.30: UK Halifax house prices