French stocks surged more than 200 points at the start of trading Monday, the most in nearly two years, while equities around Europe posted significant early gains after the first round of the country's presidential elections put centrist Emmanuel Macron in the driver's seat to enter the Elysee Palace.
The CAC-40 posted an early 206 point gain, or 4.05%, in the opening minutes of trading in Paris as traders repriced stocks on the benchmark in the wake of Macron's win and early polls indicating the 39-year old former investment banker holds a 20-point lead over far-right rival Marine Le Pen heading into the second round runoff on May 7.
BNP Paribas SA (BNPQY) , the country's biggest lender, gained more than 10% at the bell before paring the advance to around 8% as prices settled, with rivals Credit Agricole SA (CRARY) and Societe General SA (SCGLY) posting early 8% increases.
Germany's DAX index jumped 2.3% in the opening minutes of trading, on track for its biggest gain since August, as investors reacted to the diminishing risk of a French exit from the European Union. Deutsche Bank AG (DB) was marked 6% higher at €16.53 each while Commerzbank AG (CRZBY) , the country's second-largest bank, was see 8.1% higher. Britain's FTSE 100 gained more than a 100 points, or 1.65%, but gains were tempered by both an elevated pound and a series of stocks trading without the right to their regular dividend.
