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Most Asian Markets Rise As Macron Wins France's Presidency

Most Asian Markets Rise As Macron Wins France's Presidency

2017-05-08 06:58:00
David Cottle, Analyst
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Talking Points

  • Asian investors cheered Emmanuel Macron’s French Presidential win
  • The Euro also gained, even though the electoral outcome was hardly a surprise
  • The Australian Dollar took a data knock

What will decide Asian Markets’ fortunes though to mid-year? Check out the DailyFX Forecasts

Asian shares were mostly higher Monday as investors applauded Emmanuel Macron’s defeat of Marine Le Pen in Sunday’s French Presidential vote.

Market reaction was not strong everywhere however. The polls have never pointed to anything other than the decisive win Macron duly secured. However, the Euro rose quite sharply against the US Dollar, topping $1.10 at one point for a six-month high. Those gains didn’t stick though.

The Nikkei 225 surged 2.3%, but much of this was simply a reaction to global market gains during last week’s extended Golden Week break in Japan. South Korea’s Kospi added 2%, while Australia’s ASX 200 added 0.6%, largely thanks to gains in raw materials and energy. These came in turn as crude oil prices got a boost.

There was an early avalanche of Australian economic data, most of which was pretty strong. However investoes latched on to building permits’ shock March collapse, taking the Australian Dollar lower.

Chinese stocks were mixed. The Shanghai composite slipped, as did its Shenzhen equivalent, following the release of trade data which, although quite strong, saw both imports and exports miss forecasts. Stocks rose a little in Hong Kong, however.

The US Dollar edged slightly higher against a basket of major, traded rivals. Crude oil prices rose on the back of new hopes for output cuts, with Brent adding about 1.48%. However, these gains came after last week’s five-month lows. Gold prices slid to seven-week lows on Macron’s win, but buyers soon re-emerged to see the oldest haven edge slightly higher as the Asian session wound down.

The rest of the day will bring speeches from Cleveland Federa Reserve President Loretta Mester and her colleague from St. Louis James Bullard. The data schedule is light, however, with only Canadian housing starts and the US employment-change index due.

--- Written by David Cottle, DailyFX Research

Contact and follow David on Twitter:@DavidCottleFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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