How Macron's election gamble sowed panic in French markets
- French stocks and the euro have tumbled this week as political uncertainty in France and the possibility of a far-right-dominated parliament spook investors, while the gap between French and German government borrowing costs has soared.
"We're focused on global companies that are listed in Europe. Certainly, those that are more domestically exposed, there are going be more question marks about." The wider spreads could provide a"tactical buying opportunity," said analysts at UBS,"but we expect investors to take a wait-and-see attitude until there is more clarity on electoral alliances, as well as fiscal policies in the case of a cohabitation - a situation where the prime minister and president are from different parties."
Markets are braced for further sharp moves. One-month options volatility for the euro against both the dollar and the pound has jumped to its highest in over a year.
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