S&P futures rose 0.3% in subdued trading with Dow Jones futs once again in record territory as European stocks jump 0.6% following Sunday's landslide victory for Macron's party in the French parliamentary elections and as Brexit negotiations are set to officially roll out on Monday.
First the bad news: following Friday's "tech wreck" European equity markets have opened lower, with the Stoxx 600 sliding 0.9% and back under the 50DMA for the first time since December, dragged by selloff in tech shares, mirroring Asian markets as Friday’s "FAAMG" volatility in U.S. markets spreads globally, battering shares from South Korea to the Netherlands.
With a record low turnout, less than 50% of eligible voters are expected to cast their votes in today's first round of the French parliamentary election...
... projections show Macron's Republique en Marche party winning by a landslide, set to hold a giant majority with anywhere between 400 and 445 seats in the 577-member National Assembly.
As Reuters adds, according to two pollsters, IPSOS and Kantar Sofres, his Republic On the Move (LREM) party and its ally Modem were set to win well over 400 seats in the 577-seat National Assembly.
Despite a promise last week by Italian Industry Minister, Carlo Calenda, that Italy would not have early elections this autumn, Italian stocks have tumbled to one month lows and the Italian bank sector is down 3% in Monday trading, its biggest one-day loss in nearly 4 months, with traders citing rising risks that the euro zone's third largest economy could head to early elections in the autumn.
Authored by Wayne Madsen via The Strategic Culture Foundation,