France: Frexit Fear Subsides, Risk Appetite is Up

​Fears of France exiting the EU subsided as investors drew a sigh of relief following the French presidential election first round results. Pro-European Emmanuel Macron won the poll with Eurosceptic Marine Le Pen coming in second. Markets expect Macron to win a run-off on May 7. French bond spreads (OAT 10-year) tumbled, European stocks rallied, and the Euro jumped.​