The euro was largely steady following Emmanuel Macron’s decisive victory in the French presidential election, while global stock markets followed Wall Street lower following Friday’s sharp sell-off and China’s currency continued to fall. continued to decline as shutdowns weighed on the country’s economic outlook.
The euro fell 0.2% at around $1.08 in Asian trade on Monday after the French president defeated far-right rival Marine Le Pen to win re-election, with predictions showed that he secured more 58% of votes.
Charlotte De Montpellier, senior French and Swiss economist at ING, said: “Macron’s election is above all about ensuring continuity over the next five years. She added that French bonds and money markets had largely priced in Macron’s win, but the win “allows markets to consider the possibility of Macron getting a majority in government after the election.” parliament in June”.
However, futures markets see Euro Stoxx 50 down 1.8% after Friday sell off on Wall Streetwhere the benchmark S&P 500 index fell 2.8% on a daily basis after Federal Reserve Chairman Jay Powell said a 0.5 percentage point increase in interest rates was “on the table“For May.
Shares in Asia were also lower, with Japan’s Topix and Australia’s S&P/ASX 200 both down about 1.5% on Monday. Hong Kong’s Hang Seng Index fell 2.6% and the benchmark CSI 300 index of Shanghai- and Shenzhen-listed stocks fell 2.2% on the outlook for the… keep locking the door in China is heavy on emotions.
The Chinese currency also lost ground, falling 0.7% against the dollar to Rmb 6.5458 and down about 3% this year. Renminbi mark The biggest slide of the week against the three-year greenback last week as the country’s deteriorating economic outlook and rising yields on US debt undermined the appeal of Chinese assets.
The lockdowns in China also hit oil prices, with international benchmark Brent falling 2.9% to $103.55 a barrel in Asian trade. West Texas Intermediate, the US marker, was down 2.9% at $99.08.
