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| Euro hits three-week high and French shares jump as election looms – business live | |
| (35 minutes later) | |
| 4.09pm BST | |
| 16:09 | |
| The Economist has just backed Emmanuel Macron for the French presidency. | |
| It argues that the centrist candidate can break the mould of French politics and push through reforms to improve the French economy. | |
| It’s not really a surprise. But here’s a flavour of the Economist’s argument: | |
| Mr Macron is untainted, if only because he is a political outsider. He has never held elected office, though he was the appointed economy minister in the present government. His plans are less bold than Mr Fillon’s, cutting only 120,000 public jobs and €60bn in spending, but an independent study rates them as equally free-market. Mr Macron is pro-business, but more subtle about it. Instead of abolishing the 35-hour week, he would help companies work around it. Rather than raise the retirement age, he would unify the country’s 35 pension schemes, eventually doing more to enhance labour mobility. | |
| Mr Macron is more outward-looking, too. He backs recent EU free-trade deals that Mr Fillon rejects. He is more likely to be able to work with Germany to strengthen the governance of the euro. He is socially liberal, whereas his opponent, close to Roman Catholic traditionalists, opposed gay marriage and wants to limit gay adoption. Mr Fillon would impose immigration quotas and end sanctions against Russia; Mr Macron exhorts the French to live up to their values. | |
| The worry is that Mr Macron will not get his reforms through the legislature. Though En Marche!, the party he founded, will run in every constituency in elections to the National Assembly in June, it will struggle to win a majority, unlike Mr Fillon’s Republicans. But do not write off his political skills. In rallies and on TV he has more than held his own. En Marche! is barely a year old, but it has 250,000 members—more than twice as many as the Socialists. | |
| His critics say Mr Macron is wishy-washy. But he is the only candidate who has made a full-blooded case for the open society and economy this newspaper believes in. That takes courage—the courage to step outside France’s party system, to defend complex arguments against polarising sound bites and to stand for optimism in an age of identity politics. That is a message all democracies need to hear. | |
| More here. | |
| A consequential choice for France—and an uncertain one | |
| 4.03pm BST | |
| 16:03 | |
| The Economist’s Tom Nuttall tweets: | |
| Our cover this week. pic.twitter.com/GynxZc4Ve6 | |
| 3.58pm BST | |
| 15:58 | |
| Encouraging news. Consumer confidence in the eurozone has risen to a 25-month high. | |
| It’s another sign that the European economy is strengthening. | |
| April Eurozone Consumer Confidence Strengthens To -3.6, Close To 9-Year Highshttps://t.co/3TUbrPIUq7$EURUSD #forex #forextrading #Eurozone pic.twitter.com/juhwiAeqwe | |
| 3.26pm BST | 3.26pm BST |
| 15:26 | 15:26 |
| Back in Washington, Christine Lagarde has also taken a swing at Germany’s trade surplus, saying the country’s external imbalances should be addressed. | Back in Washington, Christine Lagarde has also taken a swing at Germany’s trade surplus, saying the country’s external imbalances should be addressed. |
| .@Lagarde on Germany: we have consistently said external imbalance should be addressed. Part of surplus is justifiable, but not all of it. pic.twitter.com/NUSGAqLh14 | .@Lagarde on Germany: we have consistently said external imbalance should be addressed. Part of surplus is justifiable, but not all of it. pic.twitter.com/NUSGAqLh14 |
| Germany posted a current account surplus of €253bn, or over 8% of GDP; critics want it to spend, borrow and import more to bring this surplus down. | Germany posted a current account surplus of €253bn, or over 8% of GDP; critics want it to spend, borrow and import more to bring this surplus down. |
| 3.12pm BST | 3.12pm BST |
| 15:12 | 15:12 |
| The latest unemployment figures from America show that the US labo(u)r market remains pretty strong. | The latest unemployment figures from America show that the US labo(u)r market remains pretty strong. |
| The number of new applications for jobless benefit rose by 10,000 last week, to 244,000 - well below the 300,000 threshold that shows a healthy jobs market. | The number of new applications for jobless benefit rose by 10,000 last week, to 244,000 - well below the 300,000 threshold that shows a healthy jobs market. |
| But the continuing claims figure, a wider measure of unemployment, is at its lowest level since 2000. | But the continuing claims figure, a wider measure of unemployment, is at its lowest level since 2000. |
| Number of people collecting unemployment checks hits 17-year low, jobless claims show https://t.co/nkGKnwGPFY pic.twitter.com/HO7CLiQBkq | Number of people collecting unemployment checks hits 17-year low, jobless claims show https://t.co/nkGKnwGPFY pic.twitter.com/HO7CLiQBkq |
| 2.59pm BST | 2.59pm BST |
| 14:59 | 14:59 |
| An upbeat-sounding Christine Lagarde has launched this week’s Spring Meeting by calling for a new push for innovation, closer trade ties and a clampdown on tax evasion. | An upbeat-sounding Christine Lagarde has launched this week’s Spring Meeting by calling for a new push for innovation, closer trade ties and a clampdown on tax evasion. |
| .@Lagarde: Spring is in the air and the economy as well. Finally seeing economy picking up momentum https://t.co/uWRsfqSKPZ #IMFMeetings | .@Lagarde: Spring is in the air and the economy as well. Finally seeing economy picking up momentum https://t.co/uWRsfqSKPZ #IMFMeetings |
| We need to make sure momentum is sustained and growth is shared more equitably- .@Lagarde at presser | We need to make sure momentum is sustained and growth is shared more equitably- .@Lagarde at presser |
| .@Lagarde at #IMFMeetings: We need to reinvigorate productivity by boosting trade and innovation | .@Lagarde at #IMFMeetings: We need to reinvigorate productivity by boosting trade and innovation |
| .@Lagarde: stronger cooperation between countries can help reduce imbalances, reduce tax evasion, progress toward SDGs pic.twitter.com/5xbiDn9Hr8 | .@Lagarde: stronger cooperation between countries can help reduce imbalances, reduce tax evasion, progress toward SDGs pic.twitter.com/5xbiDn9Hr8 |
| .@Lagarde: Growth potential still needs a lot if work; policymakers need to focus on this area. | .@Lagarde: Growth potential still needs a lot if work; policymakers need to focus on this area. |
| 2.35pm BST | 2.35pm BST |
| 14:35 | 14:35 |
| Greece hopes to make bailout progress this week | Greece hopes to make bailout progress this week |
| Helena Smith | Helena Smith |
| The Greek government is hoping to make progress in its negotiations with creditors at the IMF Spring meeting this week. | The Greek government is hoping to make progress in its negotiations with creditors at the IMF Spring meeting this week. |
| The country’s finance minister, national economy minister and deputy finance minister are all flying to Washington today for crucial debt talks, including with Fund chief Christine Lagarde. | The country’s finance minister, national economy minister and deputy finance minister are all flying to Washington today for crucial debt talks, including with Fund chief Christine Lagarde. |
| Helena Smith reports from Athens | Helena Smith reports from Athens |
| Greek officials say the all-important issue of debt – and ways to reduce it – will be at the core of talks the finance and national economy ministers, Euclid Tskalotos and Dimitris Papadimitriou, will have in Washington. | Greek officials say the all-important issue of debt – and ways to reduce it – will be at the core of talks the finance and national economy ministers, Euclid Tskalotos and Dimitris Papadimitriou, will have in Washington. |
| Tsakalotos, whose first meeting will be with IMF managing director Christine Lagarde on Friday, is hoping that the framework of a debt relief deal can be secured in time for the next Eurogroup meeting of single currency finance ministers on May 22. | Tsakalotos, whose first meeting will be with IMF managing director Christine Lagarde on Friday, is hoping that the framework of a debt relief deal can be secured in time for the next Eurogroup meeting of single currency finance ministers on May 22. |
| Athens’ leftist-led government, in a sop to sceptical MPs unnerved by the prospect of further pension cuts and tax increases - concessions made to conclude the long-stalled compliance review at the heart of the country’s latest standoff with creditors - has threatened the measures won’t be implemented if a debt relief deal isn’t cut first even if the unpopular policies aren’t due to be enforced until 2019. | Athens’ leftist-led government, in a sop to sceptical MPs unnerved by the prospect of further pension cuts and tax increases - concessions made to conclude the long-stalled compliance review at the heart of the country’s latest standoff with creditors - has threatened the measures won’t be implemented if a debt relief deal isn’t cut first even if the unpopular policies aren’t due to be enforced until 2019. |
| Auditors representing Greece’s bailout lenders are expected to return to Athens next week to complete the technical aspects of the review before a staff level agreement is finally wrapped up. Parliament would then legislate the measures before a comprehensive deal, including medium-term debt relief measures, are put before the Eurogroup of finance minister. | Auditors representing Greece’s bailout lenders are expected to return to Athens next week to complete the technical aspects of the review before a staff level agreement is finally wrapped up. Parliament would then legislate the measures before a comprehensive deal, including medium-term debt relief measures, are put before the Eurogroup of finance minister. |
| But as ever nothing is quite as easy as it seems. The IMF, which only this week said it could not participate in the latest bailout programme unless Greece’s debt burden became manageable, projected the country’s primary surplus would be just 2% in 2018, well short of its target of 3.5%. That once again leaves the door wide open for renewed friction between the Fund and euro area member states not least Germany which has made IMF participation a condition of further loan disbursements. | But as ever nothing is quite as easy as it seems. The IMF, which only this week said it could not participate in the latest bailout programme unless Greece’s debt burden became manageable, projected the country’s primary surplus would be just 2% in 2018, well short of its target of 3.5%. That once again leaves the door wide open for renewed friction between the Fund and euro area member states not least Germany which has made IMF participation a condition of further loan disbursements. |
| In forecasts issued late Wednesday, the IMF attributed Athens’ bigger- than-expected primary surplus of 3.3 percent in 2016 to “temporary factors.” Greece’s economic recovery is hanging by a thread with many fearing it could be thrown into reverse unless a deal is reached and the uncertainty is ended given the country’s tight €7.5bn debt repayment deadline early July. | In forecasts issued late Wednesday, the IMF attributed Athens’ bigger- than-expected primary surplus of 3.3 percent in 2016 to “temporary factors.” Greece’s economic recovery is hanging by a thread with many fearing it could be thrown into reverse unless a deal is reached and the uncertainty is ended given the country’s tight €7.5bn debt repayment deadline early July. |
| But speaking to reporters today, Greece’s government spokesman said the country’s extraordinary over-performance “finally noted by the Fund” would determine the fiscal path it would take once its current 86 bn euro bailout programme ended in September 2018. | But speaking to reporters today, Greece’s government spokesman said the country’s extraordinary over-performance “finally noted by the Fund” would determine the fiscal path it would take once its current 86 bn euro bailout programme ended in September 2018. |
| The government’s over-arching aim was for primary surpluses to be reduced, he said, so that the Greek economy could regain its potential and achieve the highest possible rates of growth. | The government’s over-arching aim was for primary surpluses to be reduced, he said, so that the Greek economy could regain its potential and achieve the highest possible rates of growth. |
| Updated | Updated |
| at 2.36pm BST | at 2.36pm BST |
| 2.06pm BST | 2.06pm BST |
| 14:06 | 14:06 |
| Over in Washington, world finance ministers and top central bankers are gathering to discuss the state of the global economy. | Over in Washington, world finance ministers and top central bankers are gathering to discuss the state of the global economy. |
| Top of the agenda at the IMF/World Bank Spring Meeting will be the new US government, and its protectionist trade policies. | Top of the agenda at the IMF/World Bank Spring Meeting will be the new US government, and its protectionist trade policies. |
| Reuters has more details: | Reuters has more details: |
| “These meetings will all be about Trump and the implications of his policies for the international agenda,” said Domenico Lombardi, a former IMF board official who is now with the Centre for International Governance Innovation, a Canadian think-tank. | “These meetings will all be about Trump and the implications of his policies for the international agenda,” said Domenico Lombardi, a former IMF board official who is now with the Centre for International Governance Innovation, a Canadian think-tank. |
| He added that IMF Managing Director Christine Lagarde is aiming to “socialize” the new administration to the IMF’s agenda and influence its policy choices. | He added that IMF Managing Director Christine Lagarde is aiming to “socialize” the new administration to the IMF’s agenda and influence its policy choices. |
| Updated | Updated |
| at 2.15pm BST | at 2.15pm BST |
| 2.05pm BST | 2.05pm BST |
| 14:05 | 14:05 |
| Every politician should have a party trick, and Emmanuel Macron has just tweeted his.... | Every politician should have a party trick, and Emmanuel Macron has just tweeted his.... |
| Voilà. pic.twitter.com/KSd8XHgGtY | Voilà. pic.twitter.com/KSd8XHgGtY |
| 1.55pm BST | 1.55pm BST |
| 13:55 | 13:55 |
| Here’s a lookback at the Harris opinion poll over the last couple of of months: | Here’s a lookback at the Harris opinion poll over the last couple of of months: |
| France update 4: New @harrisint_fr poll shows…Macron 25 percentLe Pen 22Fillon 19Mélenchon 19https://t.co/Y6yUJq46e1 pic.twitter.com/pAPfrKkDc8 | France update 4: New @harrisint_fr poll shows…Macron 25 percentLe Pen 22Fillon 19Mélenchon 19https://t.co/Y6yUJq46e1 pic.twitter.com/pAPfrKkDc8 |
| 1.10pm BST | 1.10pm BST |
| 13:10 | 13:10 |
| The pound is still having a solid enough day, up 0.2% at $1.28. | The pound is still having a solid enough day, up 0.2% at $1.28. |
| That’s more than two cents higher than Monday morning, before the snap election news. But Robin Bew of the Economist Intelligence Unit isn’t impressed: | That’s more than two cents higher than Monday morning, before the snap election news. But Robin Bew of the Economist Intelligence Unit isn’t impressed: |
| Uptick in pound driven by hopes bigger Tory majority = softer #Brexit. But small beer compared to June slide. #UK still greatly marked down | Uptick in pound driven by hopes bigger Tory majority = softer #Brexit. But small beer compared to June slide. #UK still greatly marked down |
| 1.02pm BST | 1.02pm BST |
| 13:02 | 13:02 |
| Some analysts think investors are too relaxed about the French election. | Some analysts think investors are too relaxed about the French election. |
| The FT’s Mehreen Khan explains: | The FT’s Mehreen Khan explains: |
| “Markets are unprepared for the worst,” notes Athanasios Vamvakidis at Bank of America Merrill Lynch. | “Markets are unprepared for the worst,” notes Athanasios Vamvakidis at Bank of America Merrill Lynch. |
| “The worst outcome for markets is if Le Pen and Mélenchon are in the second round, in our view, as markets could start pricing Frexit risks” | “The worst outcome for markets is if Le Pen and Mélenchon are in the second round, in our view, as markets could start pricing Frexit risks” |
| Investors are still too complacent over the risks to the euro from France's four-horse election race, warn analysts https://t.co/72HUGHuKwg pic.twitter.com/V61rLzjNHZ | Investors are still too complacent over the risks to the euro from France's four-horse election race, warn analysts https://t.co/72HUGHuKwg pic.twitter.com/V61rLzjNHZ |
| 12.48pm BST | 12.48pm BST |
| 12:48 | 12:48 |
| Fillon’s late revival in the polls could increase the chances that Marine Le Pen fails to win a place in the final run-off. | Fillon’s late revival in the polls could increase the chances that Marine Le Pen fails to win a place in the final run-off. |
| That could trigger a surge in the euro and in share prices, believes Kathleen Brooks of City Index. She says a Macron-Fillon playoff would be the most ‘market-friendly’ option. | That could trigger a surge in the euro and in share prices, believes Kathleen Brooks of City Index. She says a Macron-Fillon playoff would be the most ‘market-friendly’ option. |
| A win for Macron with Fillon in second place would restore faith in centrist politics, which has been eroded ever since last year’s Brexit vote in the UK and Trump’s triumph in the US Presidential election. The eradication of the Far Left and the Far Right candidates in the first round would likely see a collective sigh of relief that it is politics as usual in France. This combination for the second round could unleash a surge in the Cac, a sharp drop in French bond yields and a decent move higher in EUR/USD back towards 1.10, we could also see EUR/GBP recover back towards 0.8570 – a cluster of key resistance levels. | A win for Macron with Fillon in second place would restore faith in centrist politics, which has been eroded ever since last year’s Brexit vote in the UK and Trump’s triumph in the US Presidential election. The eradication of the Far Left and the Far Right candidates in the first round would likely see a collective sigh of relief that it is politics as usual in France. This combination for the second round could unleash a surge in the Cac, a sharp drop in French bond yields and a decent move higher in EUR/USD back towards 1.10, we could also see EUR/GBP recover back towards 0.8570 – a cluster of key resistance levels. |
| Overall, there is a chance that the market has been wrong-footed once again by the polls, and Le Pen is not guaranteed a spot in the second round. If we are correct, then the political premium that has kept the euro range bound in recent months could evaporate, allowing the single currency to stage a decent rally on the back of a victory for the two moderate, pro EU candidates on Sunday night. | Overall, there is a chance that the market has been wrong-footed once again by the polls, and Le Pen is not guaranteed a spot in the second round. If we are correct, then the political premium that has kept the euro range bound in recent months could evaporate, allowing the single currency to stage a decent rally on the back of a victory for the two moderate, pro EU candidates on Sunday night. |
| 12.07pm BST | 12.07pm BST |
| 12:07 | 12:07 |
| One of the more surprising elements of the French election is Francois Fillon’s recent revival. | One of the more surprising elements of the French election is Francois Fillon’s recent revival. |
| After unexpectedly winning the Republican nomination, Fillon’s campaign was badly hurt by allegations that his wife had been paid for work she’d not done. | After unexpectedly winning the Republican nomination, Fillon’s campaign was badly hurt by allegations that his wife had been paid for work she’d not done. |
| The Penelope Affair, followed by questions over gifts and consultancy fees, seemed likely to sink Fillon’s chances, and his plans for Thatcherite free market reforms. | The Penelope Affair, followed by questions over gifts and consultancy fees, seemed likely to sink Fillon’s chances, and his plans for Thatcherite free market reforms. |
| But instead, he’s been regaining ground - and could yet claim a top-two finish on Sunday. | But instead, he’s been regaining ground - and could yet claim a top-two finish on Sunday. |
| If that happens, Fillon can thank his core support, and his move towards increasingly populist, right-wing policies. | If that happens, Fillon can thank his core support, and his move towards increasingly populist, right-wing policies. |
| My colleague Jon Henley explains: | My colleague Jon Henley explains: |
| Born in the traditionally Catholic Sarthe department west of Paris, Fillon is the son of a history professor mother and solicitor father. With Penelope, whom he met in Le Mans when she was a student on a year abroad, he has raised five children in a 12th-century chateau. | Born in the traditionally Catholic Sarthe department west of Paris, Fillon is the son of a history professor mother and solicitor father. With Penelope, whom he met in Le Mans when she was a student on a year abroad, he has raised five children in a 12th-century chateau. |
| He has abstained or voted against laws on equality between men and women and same-sex marriage and is personally opposed to abortion, though he would not try to repeal the 1975 law that legalised it in France. | He has abstained or voted against laws on equality between men and women and same-sex marriage and is personally opposed to abortion, though he would not try to repeal the 1975 law that legalised it in France. |
| A year after he was first elected as France’s youngest MP, he opposed the 1982 law that effectively legalised homosexuality. A centre-right gay rights group, GayLib, has described his vision of French society as “clearly hostile to LGBT people”. | A year after he was first elected as France’s youngest MP, he opposed the 1982 law that effectively legalised homosexuality. A centre-right gay rights group, GayLib, has described his vision of French society as “clearly hostile to LGBT people”. |
| Fillon has pledged to defend France’s “Christian values”. He would ban medically assisted procreation and use of sperm donors for single women and same-sex couples, and reverse some gay adoption rights. | Fillon has pledged to defend France’s “Christian values”. He would ban medically assisted procreation and use of sperm donors for single women and same-sex couples, and reverse some gay adoption rights. |
| He has also promised to set annual quotas on immigration, restrict foreigners’ rights to French nationality, set the age of criminal responsibility at 16, build 16,000 new prison cells and, in foreign policy, develop more positive ties with Russia. | He has also promised to set annual quotas on immigration, restrict foreigners’ rights to French nationality, set the age of criminal responsibility at 16, build 16,000 new prison cells and, in foreign policy, develop more positive ties with Russia. |
| The closing days of the campaign have seen Fillon more openly courting a hard-right vote, evoking France’s sovereignty and identity and promising at his Lille rally to crack down hard on immigration and pursue a zero-tolerance policy on radical Islam. | The closing days of the campaign have seen Fillon more openly courting a hard-right vote, evoking France’s sovereignty and identity and promising at his Lille rally to crack down hard on immigration and pursue a zero-tolerance policy on radical Islam. |
| Updated | Updated |
| at 12.12pm BST | at 12.12pm BST |
| 11.53am BST | 11.53am BST |
| 11:53 | 11:53 |
| The candidates to become France’s next president have been campaigning for months, including a major TV debate earlier this month. | The candidates to become France’s next president have been campaigning for months, including a major TV debate earlier this month. |
| But many voters are still uncertain of who they’ll vote for, and their choices could decide the election. | But many voters are still uncertain of who they’ll vote for, and their choices could decide the election. |
| Mihir Kapadia, CEO and Founder of Sun Global Investments, says: | Mihir Kapadia, CEO and Founder of Sun Global Investments, says: |
| The French election looks very close. Although Macron and Le Pen are expected to make it to the second round, all four candidates are close and 30% of voters are said to be still undecided as ahead of Sunday’s vote. Two interesting weeks ahead in France.” | The French election looks very close. Although Macron and Le Pen are expected to make it to the second round, all four candidates are close and 30% of voters are said to be still undecided as ahead of Sunday’s vote. Two interesting weeks ahead in France.” |
| Pollsters have reported that the number of uncommitted French voters is at unprecedented level. | Pollsters have reported that the number of uncommitted French voters is at unprecedented level. |
| This chart, from Teneo Intelligence, shows how last minute changes of heart could boost, or undermine, the leading candidates: | This chart, from Teneo Intelligence, shows how last minute changes of heart could boost, or undermine, the leading candidates: |
| 11.16am BST | 11.16am BST |
| 11:16 | 11:16 |
| The “nightmare scenario” for global financial markets is second-round duel between the equally sharp-tongued Le Pen and Melenchon, says Associated Press’s John Leicester. | The “nightmare scenario” for global financial markets is second-round duel between the equally sharp-tongued Le Pen and Melenchon, says Associated Press’s John Leicester. |
| Victory for either could, in the wake of the Brexit vote, possibly deliver a knockout punch to the EU ambition of ever-closer union among the peoples of Europe because both want to tear up agreements that bind together the 28 EU states. | Victory for either could, in the wake of the Brexit vote, possibly deliver a knockout punch to the EU ambition of ever-closer union among the peoples of Europe because both want to tear up agreements that bind together the 28 EU states. |
| Melenchon says “the Europe of our dreams is dead.” He proposes “disobeying treaties from the moment we take power” and negotiating new EU rules followed by a referendum on whether France should leave the bloc it helped found. “We either change the EU or quit it,” Melenchon’s manifesto says. | Melenchon says “the Europe of our dreams is dead.” He proposes “disobeying treaties from the moment we take power” and negotiating new EU rules followed by a referendum on whether France should leave the bloc it helped found. “We either change the EU or quit it,” Melenchon’s manifesto says. |
| The “totalitarian” EU has also long been one of Le Pen’s pet hates and constant target for her virulent nationalist discourse. She wants an in-out referendum on France’s EU membership, a new French franc to replace the common euro currency, and re-imposing French borders to staunch what she describes as out-of-control immigration. | The “totalitarian” EU has also long been one of Le Pen’s pet hates and constant target for her virulent nationalist discourse. She wants an in-out referendum on France’s EU membership, a new French franc to replace the common euro currency, and re-imposing French borders to staunch what she describes as out-of-control immigration. |
| Like her father, National Front founder Jean-Marie Le Pen, in 2002, she hopes for an electoral coup by making the runoff. But pollsters suggest that, like him, she would likely lose on May 7 to any of the other top three opponents. | Like her father, National Front founder Jean-Marie Le Pen, in 2002, she hopes for an electoral coup by making the runoff. But pollsters suggest that, like him, she would likely lose on May 7 to any of the other top three opponents. |
| Updated | Updated |
| at 11.37am BST | at 11.37am BST |
| 10.51am BST | 10.51am BST |
| 10:51 | 10:51 |
| French stock market is rallying | French stock market is rallying |
| Paris’s stock market is on track for its best day since the start of March. | Paris’s stock market is on track for its best day since the start of March. |
| The CAC 40 has jumped by 1% today, outperforming the rest of Europe, as investors react to the latest forecasts of a Macron victory. | The CAC 40 has jumped by 1% today, outperforming the rest of Europe, as investors react to the latest forecasts of a Macron victory. |
| Financial stocks are leading the rally, with BNP Paribas jumping 2.6% and Société Générale gaining 1.9%. Technology and consumer-focused stocks are also up. | Financial stocks are leading the rally, with BNP Paribas jumping 2.6% and Société Générale gaining 1.9%. Technology and consumer-focused stocks are also up. |
| The FTSE 100 is lagging behind, though, partly due to the rise in the pound this morning. | The FTSE 100 is lagging behind, though, partly due to the rise in the pound this morning. |
| Joshua Mahony, Market Analyst at IG, explains: | Joshua Mahony, Market Analyst at IG, explains: |
| The FTSE is weakening once more this morning, as the pound continues its ascent in the wake of Theresa May’s decision to call a snap election in just seven weeks. | The FTSE is weakening once more this morning, as the pound continues its ascent in the wake of Theresa May’s decision to call a snap election in just seven weeks. |
| To many the appreciation of the pound seems counter-intuitive, yet the prospect of a strengthened Tory majority means there is hope that this election could be good for the UK in Brexit negotiations. | To many the appreciation of the pound seems counter-intuitive, yet the prospect of a strengthened Tory majority means there is hope that this election could be good for the UK in Brexit negotiations. |
| 10.31am BST | 10.31am BST |
| 10:31 | 10:31 |
| M&S isn’t the only UK retailer shutting stores. | M&S isn’t the only UK retailer shutting stores. |
| Debenhams has announced plans to close up to 10 shops, and 11 warehouses, as new CEO Sergio Bucher gets to grips with its “tired and old” estate. | Debenhams has announced plans to close up to 10 shops, and 11 warehouses, as new CEO Sergio Bucher gets to grips with its “tired and old” estate. |