Le Pays De France - Paris stocks, euro gain on Macron vote result

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Paris stocks, euro gain on Macron vote result
Paris stocks, euro gain on Macron vote result

Paris stocks, euro gain on Macron vote result

The Paris stock market and the euro rose on Monday, with investors soothed by French President Emmanuel Macron's election performance.

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Frankfurt and London equities however fell on Asian losses, with sentiment souring on flat UK economic growth, Chinese inflation jitters and the prospect of more aggressive US interest rate hikes.

Oil prices slid on fears over the demand impact of China's Covid-19 containment measures.

Macron topped France's first round presidential vote on Sunday, leading far-right rival Marine Le Pen by a larger-than-expected margin.

- 'Solid result' -

With 97 percent votes counted, Macron came in first with 27.6 percent of the vote. Le Pen was second with 23.4 percent.

"A solid result for incumbent Emmanuel Macron ... has helped to allay fears of a Le Pen presidency," said economist Jessica Hinds at research consultancy Capital Economics.

"But the latest polls still point to a very tight race."

Investors had fretted about the implications of a victory for Le Pen in the midst of the war in Ukraine, given her long-standing sympathies for Russia.

"All attention will now turn to the second round on April 24, and the big question for that will be where the supporters of the defeated first-round candidates go," wrote Deutsche Bank analysts in a client note.

On the downside, London stocks slid on official data showing that the UK economy had ground to a near halt in February, growing by just 0.1 percent.

- Dollar eyes 2002 yen peak -

Elsewhere, the dollar hit a 2015 high at 125.54 yen on expectations of more US Federal Reserve interest rate hikes, in contrast with the Bank of Japan's loose policy.

That was not far from the greenback's two-decade peak of 125.86 yen.

The Fed has recently taken a hawkish tone as it embarks on an aggressive tightening path to counter runaway inflation.

In China, factory-gate inflation was higher than expected in March, official data showed, as Russia's war on Ukraine pushes up oil prices while a domestic Covid-19 resurgence strains food supplies and consumer costs.

The producer price index -- measuring the cost of goods at the factory gate -- grew 8.3 percent on-year, National Bureau of Statistics (NBS) figures showed.

In Jakarta, Indonesia's biggest tech firm GoTo soared on its debut after a billion-dollar IPO -- the world's fifth-biggest this year.

- Key figures around 1100 GMT -

Paris - CAC 40: UP 0.8 percent at 6,600.81 points

London - FTSE 100: DOWN 0.3 percent at 7,643.26

Frankfurt - DAX: DOWN 0.4 percent at 14,232.76

EURO STOXX 50: UP 0.1 percent at 3,861.78

Euro/dollar: UP at $1.0911 from $1.0877 late Friday

Pound/dollar: UP at $1.3038 from $1.3025

Euro/pound: UP at 83.68 pence from 83.51 pence

Dollar/yen: UP at 125.50 yen from 124.34 yen

Tokyo - Nikkei 225: DOWN 0.61 percent at 26,821.52 (close)

Hong Kong - Hang Seng Index: DOWN 3.03 percent at 21,208.30 (close)

Shanghai - Composite: DOWN 2.61 percent at 3,167.13 (close)

New York - Dow: UP 0.4 percent at 34,721.12 (close)

Brent North Sea crude: DOWN 2.4 percent at $100.44 per barrel

West Texas Intermediate: DOWN 2.4 percent at $95.95 per barrel