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Banks boost FTSE as French election ignites risk-on rally

Banks boost FTSE as French election ignites risk-on rally

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Britain’s top share index jumped on Monday as banking stocks surged after centrist Emmanuel Macron came out on top in the first round of France’s presidential election.

The blue chip FTSE 100 .FTSE index rose 1.9 percent to 7,246.34 points by 0857 GMT, on track for its biggest one-day jump since early December 2016 and outpacing the mid caps .FTMC which were up 0.9 percent at a fresh record high.

French centrist candidate Emmanuel Macron won the first round of voting, qualifying for a May 7 runoff alongside far-right leader Marine Le Pen.

This quelled market worries about a potential anti-establishment shock in light of the UK’s Brexit vote last June and Donald’s Trump’s election in the U.S.

 

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