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Alors on vote

  • With the first round of the French presidential election becoming a four-horse race, markets are right to worry about a Marine Le Pen — Jean-Luc Mélenchon runoff on 7 May.
  • Indeed, momentum behind Mr Mélenchon has seen him become the most credible candidate on the left, triggering heightened uncertainty in financial markets.
  • French and peripheral yield spreads remain too low, underpricing the risk of the next president of France being a eurosceptic.
  • With so much riding on this year’s political developments, we have launched a new area on Fathom’s Chartbook dedicated to European elections…


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