April 24, 2017 - Markets were encouraged by Emmanuel Macron’s first round victory over second place finisher, Marine Le Pen, in the French presidential race. A run-off election between the two will be held on May 7th. Concern centers around Le Pen’s extreme views on the European Union (EU) and anti-euro stance that poses risks to France and Europe. However, polls are showing Macron leading by over 20 points, and we believe Macron is highly likely to be the next president of France. This implies the tail risk of a 'Frexit' has diminished, which is positive for global risk assets as investors can focus on improving global growth and corporate profits.
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