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European stock markets posted gains on Monday, with the STOXX 50 rising 0.73%, the STOXX 600 up 0.32%, and the CAC 40 advancing around 1.09%. In addition, The Euro climbed above $1.074, hitting a high of $1.07754. Investors were digesting the results of France’s snap parliamentary election.
The far-right National Rally party won the first round, but with a lower share than some polls had predicted and far short of securing a majority. This outcome provided some relief to investors concerned about an expansionary fiscal agenda. However, the final results remain uncertain. While a National Rally majority is possible, it’s not the most likely scenario. Centrist and left-wing parties are in discussions to prevent a far-right majority in the second-round election next Sunday.
Banking shares were among the top performers, particularly French banks. BNP Paribas rose 3.6% and Societe Generale gained 3.1%.
In economic news, Germany’s inflation rate slowed more than expected in June, with CPI falling to 2.2%. The euro zone’s overall inflation, expected to be released Tuesday, is anticipated to show a similar slowdown to 2.5%. These figures strengthen the case for the ECB to consider further monetary easing in the coming months.
(STOXX 50 Index Six-month Chart)
(EURUSD Weekly Chart)
Disclaimer
Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.
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Ultima Markets is a member of The Financial Commission, an international independent body responsible for resolving disputes in the Forex and CFD markets.
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Risk Warning: Trading Forex and CFDs carries the risk of losing substantially more than your initial investment and should only be traded with money you can afford to lose. You do not own or have any rights to the assets that underlying the derivatives (such as the right to receive dividend payments). Ensure you fully understand the risks involved. Trading leveraged products may not be suitable for all investors. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary. Please consider our legal documents and ensure that you fully understand the risks before you make any trading decisions.
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Ultima Markets, a trading name of Ultima Markets Ltd, is authorized and regulated by the Financial Services Commission "FSC" of Mauritius as an Investment Dealer (Full-Service Dealer, excluding Underwriting) (license No. GB 23201593). The registered office address: 2nd Floor, The Catalyst, 40 Silicon Avenue, Ebene Cybercity, 72201, Mauritius.
HuaPrime EU Ltd, registered number HE423188, and with a business address at Georgiou Griva Digeni 122A, Kallinicos Court, Shop 1—Upper level, Neapolis, 3101 Limassol, Cyprus, is regulated by the Cyprus Securities and Exchange Commission, which has CIF license number 426/23.
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