Asian Markets Swing Upward in Wake of French Election -
By GERRY DOYLEMAY 7, 2017
Markets in Asia climbed on Monday, starting just hours after the polls closed in France
and showed a decisive victory by the centrist presidential candidate Emmanuel Macron.
“The election seems to be on won investors’ minds, and the possible implications
that may or may not have with U. S. and China relations,” Stephen Innes, a senior trader in Singapore at the foreign currency specialist Oanda, said in a text message.
“The French election result confirms our view that markets until recently had overstated European political risks,” strategists at an investment
institute sponsored by BlackRock, the world’s biggest asset manager, wrote Monday in a research note after Mr. Macron’s win.
“Italian political risk and the country’s fragile banking system could move back into focus soon, however.”
Currency traders in Asia said a muted euro movement meant markets appeared to have priced in the Macron victory already.
Markets in Asia were also reacting to a strong jobs report in the United States on Friday, which suggested the global economy was on solid
footing even as it reinforced the case for the United States Federal Reserve to continue building on recent interest rate increases.
China was an outlier; stocks in Shanghai dipped, with the SSEC falling about 0.85 percent over the course of the day..
Shares in South Korea rose about 0.55 percent in the morning, and ended the day up 2.53 percent.