LONDON — Having already anticipated Emmanuel Macron’s victory in the French presidential election, Europe’s markets shrugged off Sunday’s results with uneven performance in midmorning trading.
The FTSE 100 in London was the only major market to make a gain in midmorning trading, edging up 0.1 percent to 7,305.79, while the CAC 40 in Paris was down 0.5 percent to 5,407.84. The DAX in Frankfurt and the FTSE MIB in Milan were both broadly flat at 12,713.08 and 21,472.42 respectively.
Earlier in the morning, the euro hit a high of $1.10, only to fall back 0.35 percent $1.09 at 10:30 a.m. CET.
Retail and luxury stocks were uneven, with the morning’s biggest fallers including Salvatore Ferragamo, 2.2 percent to 29.05 euros; Moncler, 2.9 percent to 22.15 euros; Hugo Boss, 1.9 percent to 68.02 euros, and Hermès International, 1.5 percent to 442.45 euros.
Among the few gainers in midmorning were J Sainsbury, 1.1 percent to 2.68 pounds; Britain’s Bonmarche, 2.8 percent to 1.06 pounds.
The BBC — and much of the British press — see Macron’s victory a welcome signal of continuity, and said his election could be a positive as the U.K. begins Brexit negotiations later this year.
“The new president is not going to be as Brexit obsessed as some imagine. He has other fish to fry,” said James Landale, the BBC’s diplomatic correspondent, pointing to the support and coalitions that Macron will need to build in the National Assembly.
He said the British government had long ruled out any cooperation from Paris in the Brexit negotiations, and in many ways, “Macron represents continuity. And just think of the alternative. If Marine Le Pen had won, the EU would be in chaos.”
British Prime Minister Theresa May congratulated the pro-business, pro-EU Macron on his win last night, calling France one of Britain’s closest allies “and we look forward to working with the new president on a wide range of shared priorities.”
In a front-page opinion piece in The Times of London, Matt Chorley, Red Box editor, said that by putting in her call of congratulations early, “and allowing the newcomer to present himself as a statesman during his visit in February, he now owes her. It probably won’t be long, as the Brexit talks become increasing fraught, before she is calling in that favor.”
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