FRANCE GETS A YOUNG PRESIDENT

Euro strengthens as ‘pro-business’ Macron wins French presidency

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The euro has risen after pro-EU Emmanuel Macron won France’s presidential vote by a large margin.

The single currency strengthened 0.2% against the dollar as investors were reassured over the future stability of the European project.

The reaction was muted, however, as investors were expecting Mr Macron, a former investment banker and an economic liberal, to prevail.

He has proposed cutting corporation tax and changes to the labour market.

“Voters elected for Emmanuel Macron’s pro-business policy proposals, which have the potential to unlock long-held-back investment and stimulate French markets,” said Stephen Mitchell at London-based fund manager, Jupiter Asset Management.

His opponent in the race for the presidency, Marine Le Pen, is a critic of globalisation and had proposed withdrawing France from the single currency

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In contrast, Mr Macron, has campaigned for greater European integration.

Mr Macron, who was economy minister under Socialist President Francois Hollande, has tried to define himself as neither left nor right politically.

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