European indices close in mixed field as market watchful of French election

European shares tumbled on Monday, as rising bond yields hit tech stocks and volatility gripped French top equities, with predictions of a fierce dispute between President Emmanuel Macron and extreme challenger. -right Marine Le Pen in the final round of the election.

The pan-European STOXX 600 index fell 0.6%, dragged by a 2.2% drop in technology stocks.

France’s CAC 40 rose 0.1%, with partial results putting Macron in first place after the first round of voting in Sunday’s presidential election, though Ifop polls predicted a tight runoff on April 24, with 51% for Macron and 49% for Le Pen.

French assets have underperformed their peers recently, with investors weighing the possibility of a victory for Le Pen, whose agenda of protectionism, tax cuts and nationalization has raised unrest in markets. The CAC 40 is down 1.6% so far in April, while the STOXX 600 is up 0.4%.

“The CAC 40 rose modestly on relief that Macron won the first round of the presidential election with a slightly larger lead than anticipated,” said Raffi Boyadjian, an investment analyst at brokerage XM.

“While the competition may be fiercer, markets appear to be breathing a sigh of relief that Le Pen has not secured an even bigger share after his recent breakthroughs in polls.”

• In London, the Financial Times index dropped 0.67%, to 7,618.31 points;
• In Frankfurt, the DAX index fell 0.64% to 14,192.78 points;
• In Paris, the CAC-40 index gained 0.12% to 6,555.81 points;
• In Milan, the Ftse/Mib index had a devaluation of 0.28%, to 24,749.49 points;
• In Madrid, the Ibex-35 index registered a drop of 0.25%, at 8,585.00 points;
• In Lisbon, the PSI20 index rose by 0.09%, to 6,111.74 points.