As Le Pen Advances, Bearish Bets on French Stocks Rise: Chart

Mark Gilbert: Investors Want Insurance Against Le Pen

As the French presidential election approaches, investors are piling into options protecting against equity declines. With the CAC 40 Index near its highest level since November 2015, the number of outstanding puts on the gauge has climbed to an almost two-year high relative to bullish calls. The latest polls show anti-euro candidate Marine Le Pen has gained ground on Republican Francois Fillon and independent front-runner Emmanuel Macron.