French stocks jump 2.5% as far right takes election lead but seen falling short of majority

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La Banque Postale Asset Management's Sebastian Paris Horvitz said the results indicate a hung parliament is most likely — the 'least bad' option for markets.

French stocks staged a relief rally early Monday, with the benchmark CAC 40 index 2.2% higher by 8:47 a.m. London time.

La Banque Postale Asset Management's Sebastian Paris Horvitz said the results indicate a hung parliament is the most likely outcome — the "least bad" option for markets. From the left: French far-right Rassemblement National party President Jordan Bardella, France's Prime Minister Gabriel Attal and French MP of left wing party La France Insoumise Manuel Bompard, prior to a political debate broadcasted on French TV channel TF1 on June 25, 2024.French stocks staged a relief rally in early Monday trading after results from the first round of the nation's snap election raised expectations of a hung parliament.

The far-right National Rally party and its allies won 33.1% of the vote, the left-wing NFP alliance was second with 28% and Macron's coalition secured 20%, France's Interior Ministry said Monday."The election, in the end, tells us pretty much what we knew before, which is that the most likely scenario remains a hung parliament," Sebastian Paris Horvitz, director of research at La Banque Postale Asset Management, told CNBC's "Squawk Box Europe.

 

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