No relief for European stock futures despite Macron election win
2022.04.25 09:32
FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, April 22, 2022. REUTERS/Staff
(Reuters) – European stock index futures sank over 1% on Monday as nerves around rapid U.S. interest rate hikes and tech earnings this week overshadowed cheer from French President Emmanuel Macron’s election victory.
By 0605 GMT, futures for the Euro STOXX 50 slumped 1.7%. France’s CAC 40 index futures dropped 1.5% and German DAX futures fell 1.7%.
The euro got a brief bump after Sunday’s election results showed pro-EU centrist Macron in the lead, reassuring markets about France’s commitment to an integrated Europe even if his economic platform now depends on parliamentary elections in June. [FRX/]
France’s blue-chip CAC 40 outperformed the wider STOXX 600 index over the past two weeks on hopes of Macron’s re-election, but his relatively small poll lead over Le Pen, who favours nationalising key industries and slashing taxes, had kept investors on edge earlier.
Elsewhere, Asian stocks fell the most in two weeks after major Wall Street indexes slumped over 2.5% on Friday as investors priced in aggressive actions by the U.S. Federal Reserve to tame inflation. [MKTS/GLOB]
