- After his centrist alliance lost to the far right in EU elections, French President Emmanuel Macron called for early elections, which sent the Paris stock exchange down to the bottom of the European market on Monday.
- The euro dropped to $1.0762 against the dollar as well.
- “European politics are strained as a result of the election results,” stated Kathleen Brooks, research director of the trading platform XTB.
- “No one expected France to call parliamentary elections on the back of the EU elections, so the shock factor may weaken the euro and European stock markets at the start of the week,” she stated.
- The Paris CAC 40 saw a decline of over two percent prior to partially recovering. Around 0720 GMT, it was down 1.8% at 7,854.84 points.
- Amsterdam dropped 0.5 percent to 919.33, Milan dropped 0.8 percent to 34,375.90, and the Frankfurt DAX dropped 0.7 percent to 18,427,63.
- To reach 520.11 points, the pan-European Stoxx 600 fell by over 0.7 percent.
