European stocks advance after first round of French elections

By lunchtime, the Dow was almost nearly flat, with focus moving to labour market data due later in the week. Photograph: Michael Nagle/Bloomberg

“Markets like stability. The polls suggest that we are not in for any surprise, but it’s the kind of change which has been poked, prodded and priced in,” said Danni Hewson, head of financial analysis at AJ Bell. Anglo American slipped 2.8 per cent, and was among the top losers on the FTSE 100, after the miner said it had suspended production at its Australian metallurgical coal mine after an underground fire there on Saturday.The European banks’ index housing France’s main lenders including BNP Paribas, Société Générale and Credit Agricole, advanced 2.8 per cent, clocking its best day in over a year.

The European Central Bank cut interest rates from record highs early in June and signalled further moves ahead as inflation eases, but it did not commit to the timing of its next cut. Traders are pricing in a near 50 per cent chance of another 0.25 percentage point rate cut by September.

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