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Outsider versus outsider: Will Europhile Macron stem the populist tide?
Despite Marine Le Pen advancing to the second round of the French election after receiving 21.4% of the vote, investors seem reassured by the strong showing of the centrist Emmanuel Macron, who took 23.9% in yesterday’s first round. The euro gained on the dollar – pushing above $1.09 for the first time in five months – and against the British pound and Japanese yen as well. Prices on French bonds also rose, lowering yields to just 48bps over those of Germany, the lowest level since January. French stocks – particularly its banks – rallied, with the CAC 40 jumping 4% at open.
Francois Fillon, the conservative former prime minister, has now thrown his support behind Macron...
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