French Toast

Markets toasted France on Sunday night (April 23) as Macron made the second round to challenge Marine Le Pen. It broke a sequence of shock election results in G7 countries and for once meant our Asset Allocation team got a full night’s sleep (see Sunday Bleus which we updated live on Sunday night).

But unfortunately the champagne should stay on ice in our view. In my recent interview on Bloomberg TV I outlined why there’s a lot further to run in this particular political saga and why we currently have a negative tactical Euro view.