字幕表 動画を再生する 英語字幕をプリント Here's what we're watching. We're trading under way in London. In France, we are down to two candidates: Macron v.s. Le Pen. And the market likes the sound of that second-round contest, looking for a Macron victory. French banking stocks surging, and that's driving CAC 40 up 4% at the open. Risk-on is not just confined to France, however. Italian shares up more than 3% at the open, with even London's FTSE 100 up over 1.5%. Euro climbed above 1.09 in Asia against the dollar—a five-month peak. Single currency remains at 1%, around 1.083. Euro has also sharply rallied against the pound and rose briefly against yen 120 —its highest level since late March. There's also a big reaction in bonds, with the premium for French 10-year paper shrinking to less than 50 basis points over German bunds. This spread was back near 80 basis points last week. And the question is: how soon do we see this relationship revert to the 30 basis-point area that largely sufficed before November? A snap poll shows 62% support for Mr. Macron, and only 38% for Ms. Le Pen. That's the kind of spread the market really likes to see.