Treasury yields spike as traders shed safe-havens following the French election

Cheryl Sanders
April 25, 2017

After rising nearly 23% following the election of President Donald Trump, the Financial Select Sector SPDR Fund ETF has fallen 7.5% from its recent high as traders price in the possibility that Trump's plans to cut taxes and roll back regulations might take longer to enact than previously expected.

By contrast, Le Pen called her second-place finish a "historic result" and urged "all patriots" to back her party in next month's runoff.

European stock markets surged, and France's main index hit its highest level since early 2008, as investors gambled that the rise of populism around the world - and its associated unpredictability in policymaking - may have peaked.

French centrist presidential candidate Emmanuel Macron, center, leaves his apartment, in Paris, April 24, 2017.

French communist paper L'Humanite had a picture of Le Pen with the words "Never" across it. "Let's rally together to block her way", it said.

"Le Pen qualified for the second round; she may have scored less in percentage terms than was expected but it is frightening that she still got 7.6 million votes", he said. The two top candidates, namely Macron and Le Pen, will have a chance to compete for the French presidency in the second election round. You can say that Emmanuel Macron, with his new party, En Marche!, François Fillon, the candidate of the classic right and Benoît Hamon, the Socialist Party candidate, who was the only participant to discuss the effects of the digital revolution on work and who proposed a universal income, represented optimism. But what's clear now is that the French parliamentary right - the Republicans and the UDI - must find a way to accommodate people who backed Debout La France, or risk being swallowed up by Le Pen's Front National. Mr Fillon, a former prime minister, bested the former Trotskyist Mr Melenchon by just 94,998 votes.

The latest polls by Ipsos-Sopra Steria and Harris Interactive showed that Macron would win 62-64 percent against 36-38 percent for Le Pen if the runoff were held today.

Turnout was high at 78%, though slightly down on the 2012 participation rate of 79.48%, with almost 47 million votes counted overall.

German Chancellor Angela Merkel wished Macron "all the best for the next two weeks".

Mr Macron said: "I hope that in a fortnight I will become your president".

Tear-gas was sacked by officers to disperse the demonstrators and riot police surrounded the area in the Place de Bastille.

Conservative Francois Fillon was eliminated from the presidential contest receiving 19.91 per cent of the vote, with Leftist Jean-Luc Mélenchon coming fourth with 19.64 per cent. Twenty-nine people were detained at the Bastille, where protesters waved red flags and sang "No Marine and No Macron!"

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