Hope dies last

At the beginning of May the results of the French presidential election turned out to be of key importance for stock markets across the world. Its significance can only be compared to the US presidential election as the result could determine the future of the European Union itself. The financial markets, which have in recent years grown somewhat accustomed to the unexpected, were not surprised this time – the victory of Emmanuel Macron in the first round, which was confirmed by a spectacular level of support from the French in the second, turned out to be a welcome shot in the arm for the world’s stock exchanges, even though the scale of the rises was limited by the result having been widely anticipated. Upon taking office, Macron quickly confirmed France’s commitment to its strong alliance with Germany, which certainly strengthens the EU and the eurozone. The political fate of Germany will be settled this autumn (with everything pointing to a victory for the current