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French Election Results Calm Markets; Oil Prices Boost Loonie

Published April 24, 2017
  • Global markets calmed this morning as France’s Emmanuel Macron and Marine Le Pen passed the initial round of voting in the French Presidential Election
  • Centrist candidate Macron gathered the majority of the votes and is widely expected to win over anti-euro conservative candidate Le Pen in the second round of voting on May 7th
  • The euro jumped to a 5-month high against the US dollar as Macron’s result eased concerns about the future of the euro zone and quelled worries of a Brexit style French exit from the European Union
  • Markets are now embracing risk as safe-haven currencies/commodities such as the Japanese yen and gold were abandoned as France’s election result added a high degree of certainty to global markets
  • US stock futures are up and European stock rallied to multi-year highs
  • The Canadian dollar is enjoying better levels against the US dollar this morning; oil prices are up nearly half a percent on news of falling Iranian oil supply and further speculation of an OPEC cut extension
  • Gains in oil prices were tempered as the Baker Hughes rig count showed US drillers added 5 oil rigs to bring the total number of rigs to 688 rigs; this addition marks the 14th week in a row for increased US drilling activity
  • US President Donald Trump tweeted that his administration will announce substantial tax reform and tax reductions on Wednesday, April 26th