Emmanuel Macron has won the presidency of France, and markets can heave a sigh of relief. The key question for traders is what comes next.
As Bloomberg's Cameron Crise notes, markets have cheered Macron’s victory not for who he is, but rather because of who he is not. That is a fairly slender thread on which to hang a case for a secular reversal in the euro.
Live Feed from France 24:
According to the French interior ministry some 28.54% of registered voters have cast their votes in the presidential election by 12:00 a.m. local time (1000 GMT) on Sunday, a lower than expected initial turnout and the lowest at this stage of the day since the 2002 presidential poll, when it was 26.19%. Prior midday turnouts were 30.66% and 34.11% in 2012 and 2007, respectively. A final turnout of 75% is expected at this election; the eventual turnouts in 2002, 2007 and 2012 were all above 80 percent.
Venerable French investor Charles Gave has been managing money and researching markets for over 40 years; as such France’s elder statesman of asset allocation perhaps best captures the mood ahead of the most crucial Presidential election in a generation. In conversation with Dr. Pippa Malmgren, Charles breaks down national politics to understand why voters have rejected the establishment and the market impact of both outcomes, and what to expect from tomorrow's election.
After 9 gigabytes of Macron-linked documents and emails were released on an anonymous pastebin website on Friday afternoon in what Macron's campaign said was a "massive and coordinated" hacking attack, France - fearing a similar response to what happened with Hillary Clinton after 35,000 John Podesta emails were released one month before the US presidential election - cracked down on the distribution of the files, warning on Saturday it would be a "criminal offense" to republish the data, and warning the French media not to publish content from any of the hacked emails "to prevent the outco