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“Even though this is what we thought the outcome would
be, we are still relieved that this election is very different
to the previous one and yet is more unpredictable.
However, to this result I say: Vive la France, Europe lives
on! And European equities as well, which we have
upgraded to over-weight after yesterday’s results.”
“We have been convinced by the macro-economic environment and the profits
dynamism shown by European companies for some time now. Having said that, in
our view political uncertainties have deterred foreign investors in particular from
increasing their commitments in Europe. After the elections in the Netherlands and
Austria, coupled with AfD’s falling poll ratings in Germany, the first ballot in France
suggests that the populists have been losing considerable ground in 2017. Despite
all the challenges that still lie ahead, at the end of this year Europe could be much
more stable than it was in January.”
“Looking at France our optimism is a bit muted. A lot depends on the outcome of the
parliamentary election and how this outcome supports Macron’s mandate. So far he
can neither rely on an own party or vast political experience. This means that with his
presidency France is also entering unchartered territory.”
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