Stunning Win French Election, Euro and Stocks Dip

The stunning and decisive win by Emmanuel Macron, the pro-European centrist in the French election on Sunday saw the euro and stocks dip in markets.

Focus on Economy

Investors are now shifting their focus on the economy and the challengers that will be facing the new president in setting up a new government. Also the release of the US jobs report showing a robust increase in the jobs sector has investors optimistic about the US. Economy.

The euro dipped 0.5 percent to $1.0944.

STOXX 600 index fell 0.2 percent.

CAC 40 index fell 0.5 percent.

World stocks the MSCI 46 country world index, excluding Japan gained 0.8 percent, a record high.

Shares in Tokyo gained 2.3 percent as trade resumed following a 3 day market holiday.

Japan’s yen gained 0.1 percent at 112.58 per dollar.

The dollar index which measures the greenback against a basket of major currencies gained 0.2 percent.

The gap between French and German government bonds, 10 year yields was at 35 bps.

While the gap between German and Italy yields was at 180 bps.

Brent futures fell 16 cents to $48.95 a barrel after data released on the increase in US shale drilling.

Metals

Gold gained 0.4 percent to $1,232 an ounce

Copper fell 1.8 percent to $5,490 a ton following a report on Chinese April imports which fell 30 percent from the previous month.

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