presidential election

A Macron 'win' in the first round of the French elections has (judging by the initial reactions) allayed many fears of imminent doom. Dow futures are up around 200 points, Bond futures are down, gold is down (despite USD weakness)...

Stocks back at 3-week highs as gold sinks...

EURUSD is clinging to 1.09 as Treasury prices drop...

However, as Bloomberg's Cameron "macroman" Crise notes, "Enjoy the party, parkets; but beware of the bangover."

Most of the results are in, and while it remains close, Macron will likely be the winner of the first French presidential round and is set to face Marine Le Pen in the runoff.

What does that mean for various asset markets and the bigger macro picture?  Here are two forecasts, just released from Goldman and Citi.

First, Goldman Sachs:

Clashes have erupted in Le Bastille in central Paris on Sunday evening between riot police and disappointed far left protesters following the closing of polls in the first round of the presidential election, AP reports.

According to local press, the French police have used smoke pellets and are moving toward protesters who started to break the fences at the Place de la Bastille in the center of Paris. After that, police started dispercing protesters, Sputnik notes.

After months of anticipatory build up, voting is underway in France on Sunday in the first round of a bitterly fought presidential election that is seen as crucial to the future of the Eurozone, and a closely-watched test of voters' anger with the political establishment.

Local polling stations opened at 0600 GMT and will close at 1800 GMT, with about 47 million voters expected to cast their ballots in around 67,000 polling stations amid a high terror alert.

Having already 'dropped' over one trillion dollars in 2017 to keep reality at bay, it appears the world's central bankers are not about to let a French election mishap spoil the illusion.

Just as central bankers gathered at The BIS' Basel Tower just says before the Brexit vote, so judging by the statements today, the monetary manipulators stand ready to rescue markets once again should the first round of the French election 'surprise' the 'free' markets.

Brexit's BTFD took a few days...