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Monday, April 24

24th Apr - French elections and risk-on





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EUROPE
ECB Preview: ECB on autopilot – Danske Bank

  FRENCH ELECTIONS
A Delighted Wall Street Reacts To The French Election – ZH
El-Erian: What Markets Should Conclude From France's Election – BB
French election relief sends Europe soaring – Reuters
Risk Back On as French Vote Ripples Across Markets: Markets Wrap – BB
Charts Show Traders Writing Down Chances of a Le Pen Presidency – BB
After the Election, What next for Economic Policy in Europe? – Robert Kahn
Macron and Le Pen: Finalists in a historic French election – Open Europe
Macron victory still raises questions for markets – Pictet

UNITED STATES
Congress returns as Trump pressures Democrats ahead of funding deadline – Reuters
Trump’s Wall Demands May Decide Whether 100th Day Is a Shutdown – BB


OTHER
Macro Monday: Macron leads race to Élysée Palace – TF


REGULARS
Morning Report APAC TF
There is an optimistic mood in most markets today after tensions eased in France after a centrist took the lead in the first round of voting. Gold has lost ground as a result. Stocks have soared in Tokyo but retreated in Shanghai.

FirstFTFT
Euro surges as polls show Macron likely to beat Le Pen in run-off

WSJ City WSJ
French Runoff Heralds New Political Era, Euro Hits Five-Month High

Danske DailyDanske Bank

Eye-OpenerNordea
Risk-on after French election * Busy week ahead * EUR/USD at five months high after French election * EUR/SEK at a fresh yearly high on Friday

Morning MarketsTF
Emmanuel Macron was the favourite going into the first round of the French presidential election and his emergence as victor ahead of the Front National's Marine Le Pen will have him as the red-hot favourite in the run off on May 7. Euro is feeling the glow.

From the FloorTF
A first-round victory in Sunday's French presidential election for the centrist candidate Emmanuel Macron has ignited a sharp and broad relief rally across financial markets, with equity prices jumping and safe-haven gold and bonds sold off. Macron is tipped to handily defeat the far-right, anti-establishment contestant Marine Le Pen in the second-round ballot on May 7, but worries remain about the June parliamentary election.

Daily Market Comment Marc Chandler
Dramatic Response to French Election

Brussels PlaybookPolitico

Five Things You Need to Know to Start Your DayBB

10 things you need to know before the opening bellBI

US OpenZH
Euphoria Returns: European Stocks Soar, Dax Hits Record; S&P Futs Surge In "French Relief Rally"

FrontrunningZH

FX UpdateTF
The French election saw a sizable and global relief rally in all risky assets and the euro as the polls this time around in this era of Brexit and Trump shockers were spot on.|
Still the euro rally hasn’t yet overwhelmed possibly as longer term concerns also weigh.

FINNISH
AamukatsausNordea
Euroalueen markkinoilla odotettavissa helpotusta Ranskan presidentinvaalien ensimmäisen kierroksen tuloksen selvittyä | USA:ssa on odotettavissa lisää poliittista epävarmuutta tällä viikolla | EKP pitää rahapoliittisen kokouksensa torstaina