A quickie from GS on the French election result:
In summary, GS say the result was priced in:
- Markets had already reacted positively to the results of the first round of the Presidential election (on Sunday. 23 April)
- We believe a Macron presidency has been embedded in market pricing since the first-round results were announced on April 23, we do not expect his victory in today's run-off to have a significant impact on markets from tomorrow
GS add the next step is the legislative elections:
- Macron will need to now obtain a parliamentary majority in the forthcoming legislative elections if he is to implement the programme he set out in his election manifesto
- The first and the second round of these elections will take place on 11 and 18 June 2017
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Note, the legislative elections are a 2-round process also, with 577 members of the National Assembly up for election.
