European Markets Jump On French Election Results

The European markets ended Monday’s session solidly in the green. The decisive victory for Macron’s party in the French election triggered a sharp jump in the markets at the open. The markets took out the session highs in late trade, thanks to the positive opening on Wall Street.

French President Emmanuel Macron’s party won a clear parliamentary majority in Sunday’s election, giving him a strong mandate in parliament to pursue his pro-European Union, business-friendly reform plans.

Brexit negotiations with the EU also began today, after Britain bowed to pressure for a formal opening to their long-awaited negotiations rather than first holding technical talks between civil servants.

The European Central Bank on Monday published the details of its emergency lifeline for banks in a bid to increase transparency regarding the rules and procedures of the facility.

The bank released the text of its Emergency Liquidity Assistance, or ELA, agreement on its website as decided during the Governing Council meeting on May 17.

Under the ELA, solvent financial institutions or a group of them with temporary liquidity problems are extended central bank money, where in either case, such operation is not part of the single monetary policy, the ECB said.

The pan-European Stoxx Europe 600 index advanced 0.87 percent. The Euro Stoxx 50 index of eurozone blue chip stocks increased 1.01 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, added 0.96 percent.

The DAX of Germany climbed 1.07 percent and the CAC 40 of France rose 0.90 percent. The FTSE 100 of the U.K. gained 0.81 percent and the SMI of Switzerland finished higher by 0.75 percent.

In Paris, Ipsen rose 1.87 percent after receiving FDA approval for Dysport injection used for the treatment of lower limb spasticity in adults.

Aerospace giant Airbus climbed 1.96 percent after unveiling an upgraded version of the world’s biggest passenger jet.

In London, Rolls-Royce advanced 1.87 percent. The engine maker…

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