Global equity markets rallied on Monday to lift a gauge of world stock indexes to a fresh peak, while the euro briefly jumped to a five-month peak against the U.S. dollar as the first round of an election in France went to the market's preferred contender.
Relief. That is the word that basically describes the sharp moves in the markets today. The euro and stock markets have absolutely surged higher on the back of news Emmanuel Macron secured almost 24% of Sunday’s first-round vote, suggesting he will probably beat Marine Le Pen in a run-off for the French presidency.
Euro zone stocks headed for their best day in almost two years and the euro briefly vaulted to five-month peaks on Monday, after the market's favored candidate won the first round of the French election, reducing the risk of another Brexit-like shock.