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Europe markets rise as French stocks shrug off election result

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European stocks ticked higher in morning trade as markets reacted to a surprise win for a left-wing coalition of parties in French elections.

French stocks erased earlier losses to rise 0.2% by 8:35 a.m. London time . The euro, meanwhile, was flat against the dollar.

"Trying to build a government that has any kind of stability looks a very high bar this morning. Political paralysis for the next 12 months seems the most likely outcome," Deutsche Bank strategists said. LONDON — European stocks ticked higher in morning trade on Monday, as markets reacted to an expected hung parliament in France after a surprise win for a left-wing coalition of parties.the largest number of seats in this weekend's parliamentary elections, scuppering an expected surge for the far-right. However, the coalition failed to secure an absolute majority, early data showed, leaving markets digesting the possibility of a hung parliament.

François Digard, head of French equity research at Kepler Cheuvreux, said a hung parliament was what the market was expecting."You have a hung parliament as expected so last week, the market has played this out ... It was just expected to be more right-wing and at the end it is left-wing," he told CNBC on Monday."Last night the far-left were already talking about wealth taxes and increases on taxes on corporates which won't be market-friendly.

There are no major corporate earnings due out on Monday. It's also quiet on the data front, with just German trade data due.Monday. In the United States, futures ticked lower as investors looked ahead to inflation data for hints on this year's market rally and the next steps by the Federal Reserve. The June consumer price index is due Thursday, with producer price index data due Friday.

 

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