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Traders Wake Up to Le Pen Risk as French Election Polls Tighten
Emmanuel Macron’s victory in French elections is no longer clear cut for markets, leading investors to start taking protective action. Options that protect against a drop in the euro over the next week have risen to the highest level since March 22, ahead of the first round of the French vote on Sunday. The spread between 10-year French government bond yields and that of their German equivalents -- a measure of risk -- has climbed to the highest since April 2020, while a benchmark French stock index slid to underperform peers on Tuesday. Polls show that President Macron will win the first round to face nationalist ... (full story)