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| Asian Markets Swing Upward in Wake of French Election | Asian Markets Swing Upward in Wake of French Election |
| (about 1 hour later) | |
| Markets in Asia climbed on Monday, starting just hours after the polls closed in France and showed a decisive victory by the centrist presidential candidate Emmanuel Macron. | |
| Japan’s Nikkei 225 rose about 1.8 percent in the first hour of trading, and the yen’s value remained about the same, at 112.75 to the dollar. By early afternoon it had risen more than 2.2 percent. Australian shares bumped up slightly as well, with the S.&P./ASX200 index rising about 0.43 percent in the first half of the day. China was an outlier; stocks in Shanghai dipped, with the SSEC and CSI3000 indexes falling about 0.9 percent before the midday break. | |
| Shares in South Korea rose about 0.55 percent in the morning, and held at that level into the afternoon. That country’s presidential election — held after the impeachment of former President Park Geun-hye — will be on Tuesday. | |
| Markets in Asia were also reacting to a strong jobs report in the United States on Friday, which suggested the global economy was on solid footing even as it reinforced the case for the United States Federal Reserve to continue building on recent interest rate increases. | Markets in Asia were also reacting to a strong jobs report in the United States on Friday, which suggested the global economy was on solid footing even as it reinforced the case for the United States Federal Reserve to continue building on recent interest rate increases. |
| Analysts said markets would most likely take the Macron victory in stride, and anticipated a sense of normalcy returning to European trading. | Analysts said markets would most likely take the Macron victory in stride, and anticipated a sense of normalcy returning to European trading. |
| “The French election result confirms our view that markets until recently had overstated European political risks,” strategists at an investment institute sponsored by BlackRock, the world’s biggest asset manager, wrote Monday in a research note after Mr. Macron’s win. “Italian political risk and the country’s fragile banking system could move back into focus soon, however.” | “The French election result confirms our view that markets until recently had overstated European political risks,” strategists at an investment institute sponsored by BlackRock, the world’s biggest asset manager, wrote Monday in a research note after Mr. Macron’s win. “Italian political risk and the country’s fragile banking system could move back into focus soon, however.” |
| Currency traders in Asia said a muted euro movement meant markets appeared to have priced in the Macron victory already. But the upcoming election in South Korea was still a source of uncertainty. | Currency traders in Asia said a muted euro movement meant markets appeared to have priced in the Macron victory already. But the upcoming election in South Korea was still a source of uncertainty. |
| “The election seems to be on won investors’ minds, and the possible implications that may or may not have with U.S. and China relations,” Stephen Innes, a senior trader in Singapore at the foreign currency specialist Oanda, said in a text message. | “The election seems to be on won investors’ minds, and the possible implications that may or may not have with U.S. and China relations,” Stephen Innes, a senior trader in Singapore at the foreign currency specialist Oanda, said in a text message. |