European financial markets reacted positively to the results of the first round of the French legislative elections, alleviating concerns about unchecked government spending in Paris.
Additionally, lower-than-expected inflation in Germany fueled optimism about continued interest-rate cuts by the European Central Bank, boosting risk sentiment.
What Happened: The far-right National Rally party, led by Marine Le Pen and Jordan Bardella, won the first round of the snap parliamentary election with 33% of the vote.
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While significant, this result was less than some polls had anticipated and did not secure an absolute majority in the first round. The New Popular Front, an alliance of left-wing parties, came in second with 28%.
President Emmanuel Macron's centrist coalition placed third with 20%.
This result is seen as a blow to Macron, who has been in office since 2017. He dissolved the French Parliament on June 9 following the European parliamentary elections. The second round is ...Full story available on Benzinga.com
Related tickers: EWQ, EZU.
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