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

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

Collapsed bitcoin exchange Mt. Gox is about to unload $9 billion of coins onto the market. Here's what it means The second round of the vote is due on July 7 and to win a majority, the National Rally would need to secure 289 out of 577 seats in the National Assembly, France's lower house of parliament.

Even in a hung parliament — where no party has an overall majority, making it difficult to pass bills and implement a broad agenda — the French Constitution allows for the continuation of the current budget, so areas such as pension payments are not destabilized, Horvitz said.

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French stocks jump 2.5% as far right takes election lead but seen falling short of majorityLa Banque Postale Asset Management's Sebastian Paris Horvitz said the results indicate a hung parliament is most likely — the 'least bad' option for markets.
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