Asian stocks drop as French election momentum fades

Supporters of Emmanuel Macron celebrate after the second round of 2017 French presidential election in Lyon France
Supporters of Emmanuel Macron celebrate after the second round of 2017 French presidential election in Lyon France
Author

13 May, 2017

The French centrist's defeat of nationalist Marine Le Pen spelled relief for investors who had feared another populist upheaval after Britain's vote to exit the European Union and Donald Trump's shock election as United States president.

On Thursday, LREM confirmed his candidacy had been turned down but said it would stay out of competition in Valls' district.

Traders were also digesting news of pro-European centrist Emmanuel Macron's victory in the French presidential election over the weekend. There is also a computer whizz who started working at age 16, a farmer, a primary school director whose family is known for its sparkling wine, and a journalist who covered conflict in Africa.

European shares are set to open higher on Monday, surging to fresh highs after Emmanuel Macron was elected French president with a business-friendly vision of European integration.

Weighing on the post-election glow, WisdomTree argued that Macron will find that upending the status quo requires a bold legislature, which may pose a problem for the recently strengthening euro currencies.

Usually the prime minister is drawn from members of the National Assembly, but Mr Macron is likely to go against tradition.

Macron's party rejected Valls as a candidate, but does not plan to put up its own to oppose him, the secretary-general of Macron's party, Ferrand said at a news conference announcing the initial campaign lineup.

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Macron's battle to get these candidates elected begins now. Split 50-50 between men and women, as Macron promised, the 14 included Jean-Michel Fauvergue, who the elite RAID unit during the 2015 siege in which Abdelhamid Abaaoud, a ring leader of the Paris attacks a few days earlier, was killed.

Also in that first batch was Claire Tassadit Houd. Her sister, Djamila, was among the 130 killed in the November 13, 2015, Paris attacks.

Early indicators on Sunday showed the euro topping $1.10 for the first time since the USA election results, according to data from trading platform EBS, on reports of polls showing Emmanuel Macron on course to win the French presidential election.

"Macron's decisive victory on Sunday is a clear sign of a resistance to populism after Trump's election and the Brexit vote", said the analyst.

Macron had raised concerns that the deal, which means that France has to deal with thousands of migrants heading for Channel ports, fails child migrants who are often left stranded in northern France.

Nathaniel Richards, a Labour councillor in Dover, said most local people would oppose the return of border checks to the port as it is "simply is no longer equipped to deal with the border coming back here", the Independent reported.


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