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Published: Fri, May 12, 2017
Global Media | By Abel Hampton

French CAC 40 Index Retreats, Macron Victory Priced In


President Donald Trump on Sunday congratulated Emmanuel Macron on his victory in the French presidential election.

Reuters reported that those detained are accused of offenses including damaging property and throwing missiles at police. On the one hand, voters in big cities came out strongly in favour of Macron's pro-European vision, while on the other hand Marine Le Pen's anti-immigration and pro-nationalist agenda appealed to many in rural as well as in the poorer and industrial north-east.

Macron won the presidency with 66 percent of votes cast for a candidate.

Macron told the Louvre crowd that the Le Pen vote was one of "anger, disarray". That was when Macron resigned as Hollande's economy minister to embark on his risky presidential run as an independent - a decision received coldly by the French leader at the time. But a high number of blank or spoiled votes and unusually low turnout are signs of an electorate dissatisfied with its choices.

The National Front is also gearing up for a name change - if not a makeover of its ideas - after Le Pen's decisive loss.

Market reaction Monday to Macron's victory was subdued: investors were expecting it and seem wary of the difficulties he faces.

"Canada and France share a warm and historic relationship, rooted in our common history, deep cultural ties, people-to-people connections, and strong economic partnership", Trudeau said. But years of French economic underperformance, ambivalence about reforms and repeated violations of European Union fiscal rules have sapped German confidence in its neighbor, dimming prospects for a deal.

Jean-Francois Perier, 76, speaking at Le Pen's post-election event, said last week's candidates' debate had gone wrong for her.

"After Brexit and Trump's victory, the Western world and Europe have been spared another political natural disaster", said German daily Frankfurter Allgemeine Zeitung, adding that Europe had dodged the "nightmare" of a far-right leader in the Elysee Palace.

Macron was endorsed by former President Barack Obama, and their similarities are striking: youth, a hopeful attitude toward the future, a vaguely progressive spirit of moderation, and a well-advertised desire to overcome traditional divides.

Le Pen's strongholds in the north east held firm, gaining 57.42 percent of the vote in Calais and 61 percent in Hénin-Beaumont. Ms. Le Pen did extremely well with men and women aged 25 to 34 where she scored 40 per cent of the vote, and 35 to 49 where she received 43 per cent, according to an Ipsos poll. She had campaigned to ditch the euro and hold a referendum on European Union membership.

Macron has promised a France that would stand up to Russian President Vladimir Putin but that also would seek to work with Putin on fighting the Islamic State group, whose extremists have claimed multiple attacks in France since 2015.

Macron will form an interim government for the short period until the new National Assembly is in place in July.

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