American stocks futures ascend after centrist takes first round in French election

On Sunday, American stock index futures rallied steeply on relief that centrist Emmanuel Macron managed to take the first round of voting in the French presidential election, thus minimizing the prospect of an anti-establishment market shock.

During a May 7 runoff Macron is going to face far-right counterpart Marine Le Pen and opinion surveys on Sunday ensured him an easy victory in the final clash.

Defeated socialist Prime Minister Bernard Cazeneuve, socialist candidate Benoit Hamon as well as defeated right-wing candidate Francois Fillon all urged French voters to back Macron during the second round. The financial markets had also been nervous of the likelihood that far-left participant Jean-Luc Melenchon might make the run-off.

Sunday's steep moves definitely point to an unwinding of bets taken for the last few days as market participants turned defensive ahead of the highly anticipated vote.

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