Emmanuel Macron wins presidency as France rejects far-right

Elias Hubbard
May 8, 2017

Trump tweeted congratulations on what he called Macron's "big win" and said he looked forward to working with the French leader. The far-left, communist-backed candidate Jean-Luc Melenchon, who lost narrowly in the first round, refused to guide his supporters toward Macron or Le Pen.

The MENA region has a vested interest in the political happenings in France because of its many investments in the country. But analysts and economists said their failure to accurately predict last year's events had meant there had nevertheless been a risk premium priced into French bond yields, the euro and French stocks, and a modest rally would therefore be likely to follow.

On Friday, hackers dumped a trove of emails from Macron's campaign on the internet in an apparent attempt to damage his candidacy just ahead of today's vote.

Putin, both of whom are capable of pulling some important economic and strategic strings that are keys to France's future prosperity and security.

A host of commentators and politicians question whether Macron has the chops to stare down Putin and Trump.

Macron visited Israel in September 2015 while serving as economy minister under outgoing President Francois Hollande, during which he defended Paris's support for the European Union's plans to label products from Israeli settlements, while also expressing its opposition to any boycott of Israel. With a margin of victory exceeding his campaign's most optimistic projections, it might seem French voters decided to choose hope over fear, to look outward, not inward. President Donald Trump wrote on Twitter.

Canadian Prime Minister Justin Trudeau said he wanted to work together with Macron on a "progressive agenda" to "promote global security, increase collaboration in science and technology, and create good, middle-class jobs on both sides of the Atlantic".

"Leading into the election, with many polls predicting Macron's victory, we saw safe-haven buying easing into end of last week".

He also wants to slash corporation tax to attract businesses from other countries, and hopes to invest more in infrastructure.

Gold firmed on Monday as bargain-hunters moved in after prices dipped to seven-week lows and as the euro strengthened after expected win of pro-EU candidate Emmanuel Macron in the French presidential election. Many hoped these issues would be resolved, definitively, this weekend. Le Pen's National Front won 35 per cent of the vote, almost double what her father Jean-Marie secured in 2002, a result which hit the nation like an natural disaster at the time, triggering a broad "Republican front" to block him.

A name change would help Le Pen further distance herself from the party's anti-Semitic past and her hard-line father, party founder Jean-Marie Le Pen.

France remains a leading destination for investors, European Union countries were top investors in France (60 per cent of total investments), followed by North American (20 per cent) and Asian countries (unchanged at 12 per cent, with Japan in the lead).

Aziz Kamel, a French-Lebanese art director based in Dubai told AMEinfo: "La Pen's victory would have been catastrophic". Le Pen, who is a fiery speaker with a laser-focused message, was expected to clobber Macron, who has little political experience.

Or other mainstream parties could rise again.

In either case, Macron himself could wind up cloistered in his Elysees palace, trying desperately to run a France where he has no real political clout.

Other reports by Click Lancashire

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