Market Update

News this past week:

  • Equities & Euro up following first round of French election
  • May calls snap UK election
  • Flash PMI’s encouraging in Europe, less so in US
  • UK retail sales decline in March
  • Poor week for oil as US inventories rise

James Klempster (CFA) of Momentum Global Investments Management shares his view:

Overnight the votes were counted in the first round of the French presidential election and the result signifies substantial changes of the guard in French politics. Emmanuel Macron, something of a political newcomer, secured the largest share of the votes cast (23.8%), with Marine Le Pen second on 21.5%. While much of the commentary in the build up to the election has been the prospect of Le Pen’s success, the first round result means that it is the first time in many decades that neither of France’s main left or right wing parties has a candidate in the second round.

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