Market Update: Stocks Rise and Bond Yields Soar at Start of 2nd Half of 2024

European Markets Surge as French Stock Market Rises Amid ... Hung Parliament

Following the French election results, European stock markets, including the Cac 40 and Euro Stoxx 600, have surged amidst speculation of a hung parliament in France. Investors view the outcome of the first round of the French legislative elections favorably, as it indicates that Le Pen's party does not have an absolute majority secured. The positive sentiment in France has spread to other European markets, particularly France and Italy, with banks driving the recovery. Despite the uncertainty in France's political future, the markets are responding positively, alleviating concerns over weak economic growth. Additionally, Asian markets are also being closely monitored, especially China's economy, which is facing challenges with contracting factory activity.