Markets in Asia trim early gains in wake of French vote

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Markets around Asia have settled down following the outcome of the French vote that will see Emmanuel Macron face off against Marine Le Pen for the role of president.

The euro is up 1.1 per cent at $1.0846 in lunchtime trade in Asia. Earlier in the session, with exit polls streaming in, the single currency gained as much as 2 per cent to a five-month high of $1.0937.

The Japanese yen weakened by 2 per cent – its biggest one-day move since mid-July – to ¥‎119.31 per euro.

Japan’s Topix is up 0.8 per cent, while Australia’s S&P/ASX 200 is 0.1 per cent higher. Hong Kong’s Hang Seng has flipped into negative territory, down 0.1 per cent.

China’s stock markets are under pressure and facing their biggest one-day drop of the year. The Shanghai Composite is off 1.6 per cent, while the tech-focused Shenzhen Composite is down 1.9 per cent.

The dollar index, a measure of the US currency against a basket of peers, is down 0.8 per cent at 99.175, while the yen is 0.8 per cent softer against the greenback at ¥‎110 per dollar.

Futures tip the S&P 500 to add 0.8 per cent on Monday, but had been predicting a gain of as much as 1.1 per cent.

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