European stocks fell on Monday as rising bond yields hit equities, especially in the tech industry, as investors awaited Macron and Le Pen’s next steps in France following the first round of presidential elections in France. country.
Emanuel Macron’s narrow margin from far-right candidate Marine Le Pen in the first round, with the French president gaining 27.8% versus Le Pen’s 23.1%, sends uncertainty about the final result in two weeks. The French CAC 40 closed with small gains of 0.1% at 6,555.81 points in the aftermath of the results of the first round, with the Ifop research institute giving 51% to Macron and 49% to Le Pen for the second round, on April 24.
The pan-European STOXX 600 fell 0.6% to close at 458.26 points, with the technology sector falling 2.2%. The German DAX fell 0.6% to 14,192.78 points, while the British FTSE 100 lost 0.7% to 7,618.31 points.
Societe Generale, meanwhile, jumped 5% after the bank announced it had agreed to sell its stake in Rosbank as well as the Russian bank’s insurance subsidiaries.
Investors are also awaiting monetary policy decisions in the middle of the week amid an unprecedented rally in energy and food prices in the shadow of the war in Ukraine. The Monetary Policy Committee of the European Central Bank (ECB) is meeting in Frankfurt on Thursday. While analysts expect the bank to keep its policy unchanged, markets expect the ECB to raise interest rates before the end of the year to tackle record inflation in recent months.
Source: Capital
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