The FT's Jamie Chisholm highlights what to watch in markets on Friday, which are holding firm after Wall Street's bounce on Thursday. All eyes this weekend will be on the first round of the French presidential election.
Produced by Filip Fortuna. Filmed by Rod Fitzgerald.
Welcome to the FT Market Minute. Here's what we're watching in London on Friday morning. Stock markets are firm to steady after Wall Street's bounce on Thursday, which came on minute hopes for US tax reform and some better company results. But all the attention is focused across the Atlantic and at this weekend's first round of the French presidential election.
Now markets hate uncertainty. And after Brexit and the Trump victory, analysts are not really confident about the election outcome given recent polls. From a market perspective, it's quite simple. An EU friendly candidate such as Mr. Macron, good. Investors can just get on fretting about the humdrum of micro and macroeconomic conditions. But a Euro-hating candidate, like the far right's Marine Le Pen, bad. Because then investors have to recalibrate the impact on assets of the possible death of the Euro. Nasty business.
But for now, trade is just wait. The Euro is up a few pips and holding at a one-month high above $1.07 per dollar. And there's no fresh sign of haven buying yet. Gold is down a buck or so. And German bond yields have barely changed at 0.24%. Have a nice weekend.