EU stocks start lower with eyes on French election

EU stocks start lower with eyes on French election

On Friday, EU shares started lower because market participants remained quite cautious ahead of Sunday’s second round of the French presidential election.

In the morning Germany’s DAX 30 lost 0.33%, the EURO STOXX 50 slid 0.32% and France’s CAC 40 descended 0.27%.

Surveys stated that late on Wednesday, Emmanuel Macron managed to win a TV presidential debate versus Marine Le Pen, thus increasing the overall probability of a Macron win at the runoff vote on Sunday.

Market participants were also digesting the Fed’s intention to leave interest rates intact on Wednesday, exactly as expected, and they gave an upbeat assessment of the American economy.

Financial stocks mostly declined as as French lenders BNP Paribas as well as Societe Generale went down 0.53% and 0.58% respectively, while Germany’s Commerzbank along with Deutsche Bank inched down respectively 0.15% and 0.64%.

Losses in the energy sector suppressed the FTSE 100 in London. It edged down 0.25%.

 

 

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