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European stocks surge on French election results
Published in Amwal Al Ghad on 01 - 07 - 2024

European stocks rallied on Monday, buoyed by gains in French shares following the first round of parliamentary elections, where the far-right National Rally (RN) party made historic gains, though by a smaller margin than anticipated by some polls.
France's benchmark CAC 40 index surged 1.6 per cent, leading the region's markets higher. Major French banks like BNP Paribas, Societe Generale, and Credit Agricole posted gains between 3.8 per cent and 4.8 per cent, contributing significantly to the market's advance. The broader STOXX 600 index rose 0.6 per cent, ending a four-day losing streak.
The RN and its allies secured 33 per cent of the vote, ahead of a left-wing bloc with 28 per cent and President Emmanuel Macron's centrists with 20 per cent. The final outcome hinges on negotiations leading up to the July 7 run-off.
Investors welcomed the election results, perceiving a diminished likelihood of a right-wing majority that had initially unsettled markets. Ben Gutteridge, portfolio manager at Invesco, noted the market's relief at this evolving political narrative.
Despite early optimism, European stocks retreated from highs later in the session. A survey revealed a downturn in eurozone manufacturing activity in June due to a sharper decline in demand despite factories cutting prices. In addition, inflation decreased in key German states last month, suggesting a potential national decline.
The European Central Bank (ECB), which recently lowered interest rates and hinted at further cuts as inflation moderates, faces uncertain timing for its next policy move. Traders are now assessing a roughly 50 per cent chance of a 25 basis point rate cut by September.
Later in the day, ECB President Christine Lagarde is scheduled to provide insights on monetary policy developments.
In individual stock movements, Atos climbed 1.7 per cent following a debt restructuring agreement with banks and bondholders, while Nestle saw a 0.5 per cent increase after its CEO expressed optimism about stable sales volume growth from the second quarter onward.
Conversely, Anglo American fell 2.9 per cent after halting production at its Grosvenor coal mine in Australia due to an underground fire.
Attribution: Reuters.


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