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French markets in focus as weekend election looms - business live French markets in focus as weekend election looms - business live
(35 minutes later)
8.51am BST
08:51
Euro slips from three-week highs
The euro hasn’t been able to hold on to the gains made on Thursday. Having hit a three-week high of $1.077 yesterday, the euro is currently trading at $1.0722.
Updated
at 8.53am BST
8.36am BST8.36am BST
08:3608:36
French shares fall in early tradingFrench shares fall in early trading
Following Thursday’s surge in French shares - buoyed by forecasts that independent candidate Emmanuel Macron would win the presidential election - investors are more subdued this morning. The CAC 40 is down 0.5%.Following Thursday’s surge in French shares - buoyed by forecasts that independent candidate Emmanuel Macron would win the presidential election - investors are more subdued this morning. The CAC 40 is down 0.5%.
Here is how markets are looking across Europe:Here is how markets are looking across Europe:
FTSE 100: +0.04% at 7,121FTSE 100: +0.04% at 7,121
Germany’s DAX: -0.1% at 12,021Germany’s DAX: -0.1% at 12,021
France’s CAC: -0.5% at 5,053France’s CAC: -0.5% at 5,053
Italy’s FTSE MIB: -0.1% at 19,834Italy’s FTSE MIB: -0.1% at 19,834
Spain’s IBEX: +0.1% at 10,382Spain’s IBEX: +0.1% at 10,382
8.19am BST8.19am BST
08:1908:19
France: strong growth signalled in AprilFrance: strong growth signalled in April
Markit’s flash French PMI surveys for April have easily beaten expectations, suggesting growth in the private sector accelerated this month.Markit’s flash French PMI surveys for April have easily beaten expectations, suggesting growth in the private sector accelerated this month.
Activity in both the manufacturing and services sector was better than expected, boosting the combined index to 57.4 in April from 56.8, where anything above 50 indicates growth.Activity in both the manufacturing and services sector was better than expected, boosting the combined index to 57.4 in April from 56.8, where anything above 50 indicates growth.
That was far better than the 56.2 predicted by economists in a Reuters poll, and suggests the French economy was gaining momentum ahead of Sunday’s election.That was far better than the 56.2 predicted by economists in a Reuters poll, and suggests the French economy was gaining momentum ahead of Sunday’s election.
Alex Gill, economist at IHS Markit, said French firms had shrugged off uncertainty posed by the election:Alex Gill, economist at IHS Markit, said French firms had shrugged off uncertainty posed by the election:
The numbers provide further evidence that the French private sector remains resilient to political uncertainty around the upcoming presidential election.The numbers provide further evidence that the French private sector remains resilient to political uncertainty around the upcoming presidential election.
Indeed, business optimism hit a multi-year high in April, with a number of respondents anticipating favourable business conditions following its conclusion. This has, in turn, encouraged firms to take on additional staff members.”Indeed, business optimism hit a multi-year high in April, with a number of respondents anticipating favourable business conditions following its conclusion. This has, in turn, encouraged firms to take on additional staff members.”
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at 8.22am BSTat 8.22am BST
8.05am BST8.05am BST
08:0508:05
From the Guardian’s Martin Kettle:From the Guardian’s Martin Kettle:
7.53am BST7.53am BST
07:5307:53
Traders at spread betting firm IG are expecting European markets to open higher this morning:Traders at spread betting firm IG are expecting European markets to open higher this morning:
Our European opening calls:$FTSE 7131 +0.18%$DAX 12055 +0.23%$CAC 5088 +0.20%$IBEX 10391 +0.18%$MIB 19858 +0.04%Our European opening calls:$FTSE 7131 +0.18%$DAX 12055 +0.23%$CAC 5088 +0.20%$IBEX 10391 +0.18%$MIB 19858 +0.04%
7.52am BST7.52am BST
07:5207:52
The agenda: France in focus as election loomsThe agenda: France in focus as election looms
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
Investor minds will be focused on France as voters prepare to head to the polls for the first round of the presidential election on Sunday.Investor minds will be focused on France as voters prepare to head to the polls for the first round of the presidential election on Sunday.
The election result is expected to be far-reaching, not only dictating domestic policies in France but potentially determining the future of the EU.The election result is expected to be far-reaching, not only dictating domestic policies in France but potentially determining the future of the EU.
Michael Hewson, chief market analyst at CMC Markets UK, gives his take on how the markets might digest the result.Michael Hewson, chief market analyst at CMC Markets UK, gives his take on how the markets might digest the result.
With all eyes on the first round of the French presidential vote this weekend, the France CAC 40 outperformed yesterday as markets started to price in the prospect of the independent candidate Emmanuel Macron making it through to the second round of voting against Marine Le Pen, or possibly Jean Luc Melenchon who has enjoyed a late surge in the polls.With all eyes on the first round of the French presidential vote this weekend, the France CAC 40 outperformed yesterday as markets started to price in the prospect of the independent candidate Emmanuel Macron making it through to the second round of voting against Marine Le Pen, or possibly Jean Luc Melenchon who has enjoyed a late surge in the polls.
Whether it will be enough to deliver him into the second round is debatable, but markets are starting to price in the prospect that Macron will probably win a contest between either of the other two contenders.Whether it will be enough to deliver him into the second round is debatable, but markets are starting to price in the prospect that Macron will probably win a contest between either of the other two contenders.
Let’s hope he doesn’t get squeezed out, particularly in light of last night’s terrorist attack in Paris, which given the tightness of the polls, could influence events, leaving investors to face the prospect of a face-off between Marine Le Pen on the right and Melenchon on the left. Any such outcome is unlikely to be well received by the markets.Let’s hope he doesn’t get squeezed out, particularly in light of last night’s terrorist attack in Paris, which given the tightness of the polls, could influence events, leaving investors to face the prospect of a face-off between Marine Le Pen on the right and Melenchon on the left. Any such outcome is unlikely to be well received by the markets.
Also coming up today...Also coming up today...
PMI surveys for April will give the earliest indication of how the manufacturing and services sectors in France, Germany, and the wider eurozone were performing at the beginning of the second quarter.PMI surveys for April will give the earliest indication of how the manufacturing and services sectors in France, Germany, and the wider eurozone were performing at the beginning of the second quarter.
Here in the UK retail sales figures for March will offer an insight into whether consumers remained willing to splash out on new purchases despite rising prices.Here in the UK retail sales figures for March will offer an insight into whether consumers remained willing to splash out on new purchases despite rising prices.