Stock Markets Recover as French Vote Eases

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Stocks in Asia, Europe and the US started to regain the momentum on Tuesday as tension of the market eased on the first round of voting in the French presidential election.

Global stocks

The European market is expected for a strong start with Britain’s FTSE 100 (FTSE) closing 2 percent to 7,264 on Monday and Germany’s DAX (GDAXI) with a 3 percent gain to 12,454. France’s CAC 40 is set to open 0.4 percent after closing 4.1 percent to 5,268 which is its largest one-day gain in almost five years.

Euro Stoxx 50 went up 0.1 percent to 3, 580 while the Euro US Dollar soared 0.2 percent to 1.0892.

Nasdaq 100 futures rose on Tuesday by 0.1 percent to 5,513 and Nasdaq Composite (IXIC) ended on with 1.2 percent high to 5,983 on Monday.

MSCI International World Price Index (MIWO00000PUS: MSCI) rose 0.1 percent to 1,874 on Tuesday, 07:30 AM GMT.

The US Dollar index spot shrunk 0.01 percent to 98.90. Canadian US Dollar fell 0.3 percent to 0.7378 while Dow Jones Industrial (DJI) grew 1 percent to 20,763.

Asian Stocks and Commodities

Asian stocks hit a near two-year high on Tuesday with MSCI’s largest index of Asia Pacific shares outside Japan rose 0.4 percent to 147.74 on its fourth successive day of gains.

Japan’s Nikkei 225 (N225) closed its session with a 1 percent high to 19,071 while TOPIX (TOPX) also boosted 1 percent to 1,519. South Korea’s KOSPI (KS11) index also grew 1 percent to 2,196 its highest since April 2015.

The Japanese yen recovered from its 0.6 percent fall on Monday after the French vote affected investor appetite for safe-haven assets with a 0.4 percent increase to 110.29 on Tuesday.

China’s shares also rose with Shanghai Shenzhen CSI 300 (CSI300) going up by 0.3 percent to 3,442 and a 1 percent growth to 24,451 for Hang Seng (HSI).

Jakarta’s Stock Exchange Composite Index (JKSE) fell 0.05 percent to 5,661 while FTSE Malaysia KLCI (KLSE) climbs 0.2 percent to 1,759 on Tuesday.

Australia’s S&P/ ASX 200 (AXJO) recorded a 0.3 percent high to 5,871 on Monday and it is currently close in celebration of the Anzac Day Holiday.Australian Dollar dropped 0.5 percent to 0.7533.

Meanwhile, commodities are showing mixed performance on Tuesday with Crude Oil WTI futures a 0.08 percent high to 49.26 a barrel whereas Brent crude oil is currently steady with 52.13.

Gold prices fell 0.4 percent to 1,271 while silver futures is down 0.3 percent to 17.877 and copper rose 0.8 percent to 2.586.

French Election

Emmanuel Macron, former French Minister for economy and finance, lead the first round the French presidential election with an overall vote of24 percent followed by Marine Le Pen with 21.3 percent.

Macron and Le Pen will be battling for presidency on the second round of polls on May 7, 2017.

According to latest surveys, Macron will beat Le Pen in the second round by 64 percent over 36.

Both finalists proposed to France two different ideas of Europe and the world. Macron, being the progressive one wanted to further strengthen the euro zone while Le Pen described as the patriot, plans to leave the zone and conduct an in-out referendum on EU membership within six months of taking power.

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