, Columnist
Le Phew! It's Macron vs Le Pen
Relief should spread far and wide across European markets.
This article is for subscribers only.
The pollsters got it right -- it will be Emmanuel Macron versus Marine Le Pen fighting the run-off for the French presidency on May 7. Bonjour, risk.
The single currency has already leapt by 2 percent to a five-month high in Asian trading. Bond markets are set to follow with gains, and it's not just going to be France that benefits. As this election is the most important political event this year for the euro-area, spreads on the debt of the region's peripheral countries should tighten.