Europe: France – Au delà du blah!
Emmanuel Macron will become the next French president. He will have unfettered power to relaunch the EU with Germany post their elections in September. The confirmation of Renzi as leader of the Democratic Party (PD) is another piece of this positive EU story. Macron should be able to work with the Assemblée to further economic reform in France too. This will not be a cohabitation of opposites, but an alliance of the willing. We remain long euro versus US dollar. We are long European equities (particularly Germany) and short Eurozone sovereign bonds.