TOKYO (AP) — Asian shares rose Monday after Emmanuel Macron, a centrist would-be reformer and
TOKYO (AP) — Asian shares rose Monday after Emmanuel Macron, a centrist would-be reformer and supporter of the European Union, triumphed over far-right leader Marine Le Pen in the French presidential election.
Japan’s benchmark Nikkei 225 added 2.3 percent to finish at 19,895.70, reflecting investor relief over the outcome.
The euro, shared by France and 18 other countries, was trading at $1.0980. It had edged up 0.1 percent to $1.1013 in late Sunday trading in Europe. The dollar rose to 112.73 yen from 112.59 yen late Friday in Asia.
Other Asian stock markets were also higher, cheered by the results.
South Korea’s Kospi added 1.9 percent to 2,284.76. Australia’s S&P/ASX 200 gained 0.6 percent to 5,870.90 and Hong Kong’s Hang Seng gained 0.5 percent to 24,597.46.
The Shanghai Composite lost 0.5 percent to 3,086.62, however, on weaker than expected trade data for April.
France’s CAC 40 index rose last week to its highest since early 2008 — before the worst of the global financial crisis — in anticipation of the result.
While Macron’s win had been widely anticipated, the election cast a long shadow over the continent as Le Pen, had wanted France to exit the 28-nation EU, with potentially catastrophic consequences for the region and its euro currency.
“Europe dodges a bullet here, ” said Paul Christopher, head global market strategist for Wells Fargo Investment Institute.
Analysts said strong jobs data in the U. S., released late last week, added to the cheer in Asia. Attention was turning to other regional economic indicators, they said.
“A sense of normalcy has returned to the forex desks this morning as the final round of the French elections had the expected, ” said Stephen Innes, senior trader at OANDA.
