Warning 'celebratory mood too premature' after Macron win

"Expect the unexpected"

Despite En Marche! leader Emmanuel Macron's first round victory in the French Presidential Election, and subsequent market rally, commentators have warned investors should not get overly bullish due to the number of "unknowns" which could affect the end result.

Macron and the National Front's Marine Le Pen beat off rivals in the first round of the election on 23 April to go through to the second round on 7 May, with 23.9% and 21.4% of the vote respectively. On the news, the French market soared to its highest level since 2008, with the CAC 40 closing 4.1% higher at 5,268 and the Euro Stoxx 50 climbing 4% to 3,577 last Monday.  At the same time, confidence in the reflation trade boosted risk assets, with the Euro Stoxx Banks index jumping 7.2% on Monday to its highest level since December 2015. In the latest polls, Macron has a substantial...