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Emmanuel Macron Wins French Election; Oil Down on Market Sentiment

Published May 8, 2017
  • Emmanuel Macron, the pro-EU, business-focused centrist, won the French Presidential election against anti-EU, far-right candidate, Marie Le Pen
  • Macron handily won 66% of the votes over 34% for Le Pen; the euro initially rose to multi-month highs against other major currencies but fell later on as Macron’s victory was largely priced in as a near certain expectation by the market
  • Oil prices moved lower this morning, losing strong overnight gains; US shale production continues to weigh on oil prices
  • Friday’s Baker Hughes US oil-rig count showed that the number of active rigs increased by 6 to a total of 703 rigs; the new count marks the highest level for active oil rigs since April 24, 2015
  • Commodities such as copper and iron ore remain under pressure after data from China showed that Chinese imports and exports rose less than expected; any sign of a slowdown in China's economy adversely affects commodity prices
  • The Canadian dollar weakened against its American counterpart this morning; falling oil prices and decreasing month-on-month housing starts are causing headwinds for the loonie