French stocks set to rally after first round of voting
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FRENCH STOCKS SET TO RALLY AFTER FIRST ROUND OF VOTING
French shares were set to lead a jump higher in Europe on Monday, with CAC40 futures up 2.9% after the results in the first round of voting in France's parliamentary election.
Marine Le Pen's far-right National Rally (RN) party scored historic gains to win the first round of France's parliamentary election on Sunday, exit polls showed, but the final result will depend on days of horsetrading before next week's run-off.
Nonetheless markets appeared to welcome some combination of the facts it appears unlikely the RN will have an overall majority, and that the far left alliance, whose agenda markets had feared, trailed in second place.
The risk premium on French government debt narrowed DE10FR10=RR, the euro gained around 0.5% EUR=EBS, STOXX50 futures STXEc1 are up 1.6% and Dax futures FDXc1 are around 1% higher.
Away from politics there are also some bits of company news to be aware of.
French technology company Atos ATOS.PA reached an agreement with a group of banks and bondholders on terms for its debt restructuring, the company said on Sunday.
Swiss food giant Nestle NESN.S is targeting stable growth in sales volumes from the second quarter throughout the remainder of the year as cost inflation eases, its CEO told Swiss weekend paper "Schweiz am Wochenende" on Saturday.
(Alun John)
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