European Factors to Watch-Futures rise as pro-EU forces hold ground

lunes 26 de mayo de 2014 02:26 GYT
 

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LONDON May 26 (Reuters) - European equity futures rose on Monday, as investors shrugged off the victory of France's anti-immigration National Front party in European Parliament elections, and focused instead on the fact that the majority of seats would be held by parties supporting the European Union.

The June futures contract for the euro zone's blue-chip Euro STOXX 50 index was up by 0.3 percent by 0620 GMT. Germany's DAX futures contract was also up by 0.3 percent while France's CAC futures contract advanced by 0.2 percent.

Eurosceptic nationalists scored stunning victories in European Parliament elections in France and Britain on Sunday as critics of the European Union more than doubled their seats in a continent-wide protest vote against austerity and unemployment.

French Prime Minister Manuel Valls called the breakthrough by Marine Le Pen's anti-immigration, anti-euro National Front in one of the EU's founding nations a political "earthquake".

In Greece, the radical left anti-austerity Syriza movement of Alexis Tsipras won the vote but failed to deliver a knockout blow to Prime Minister Antonis Samaras' government.

However, even though the number of Eurosceptic members will more than double in the European Parliament, initial results from around the 28-nation bloc showed the pro-European centre-left and centre-right parties will keep control of around 70 percent of the 751-seat EU legislature.

Clairinvest fund manager Ion-Marc Valahu said many investors had been expecting the Front National to do well in the French vote, and added that equity markets would be supported by gains in Wall Street and Asia, and by a decisive win for billionaire Petro Poroshenko in Ukraine's presidential election.

"The result in France had been expected by many, and the gains in Asia and Wall Street are helping the European markets," said Valahu.   Continuación...