{"id":3374,"date":"2017-05-09T04:04:12","date_gmt":"2017-05-09T04:04:12","guid":{"rendered":"http:\/\/arabicfxadvisors.com\/english\/?p=3374"},"modified":"2017-05-09T04:04:12","modified_gmt":"2017-05-09T04:04:12","slug":"italian-bonds-euro-decline-markets-look-past-macron-victory-8-may-2017","status":"publish","type":"post","link":"https:\/\/arabicfxadvisors.com\/english\/italian-bonds-euro-decline-markets-look-past-macron-victory-8-may-2017\/","title":{"rendered":"Italian Bonds, Euro Decline as Markets Look Past Macron Victory &#8211; 8 may, 2017"},"content":{"rendered":"<p>Italian bonds slid, leading losses in peripheral European debt, as markets looked beyond Emmanuel Macron\u2019s victory in the French presidential race to political risks in other parts of the region.<\/p>\n<p>Yields on Italy\u2019s 10-year notes climbed the most in a week, with focus turning to the nation\u2019s indebted banking system and the\u00a0risk of early elections that could lead to another gridlock with no party wining control of both houses. French bonds were little changed, a muted reaction compared to the rally seen after Macron won the first round, as the president-elect now faces the challenge\u00a0of winning a majority or at least garnering enough seats in the June parliament election to govern or form a coalition.<\/p>\n<p>The euro fell for the first time in three days amid speculation the easing of French political risks increases room for the European Central Bank to consider scaling back monetary stimulus.<\/p>\n<p>\u201cAs the market\u2019s concern as regards the French presidential election eases, attention will turn back toward Italy and the stability of the banking system,\u201d said Matthew Cairns, a strategist at Rabobank International in London.<\/p>\n<p>The euro, which earlier touched a six-month high against the dollar, reversed gains to fall for the first time in three days, as Macron\u2019s resounding victory over far-right candidate Marine Le Pen removed one event risk that could\u2019ve hindered the ECB from paring back its ultra-easy monetary stance.<\/p>\n<ul>\n<li>\u201cWe expect the ECB to begin the process of adjusting its communication in terms of tapering from June,\u201d Rabobank\u2019s Cairns said; once this process begins, it means \u201cthat the biggest buyer in the room is preparing to ease its purchases and thus the support for markets across the euro zone\u201d will be reduced, which will likely weigh on peripheral bonds, he adds<\/li>\n<li>The yield on Italian 10-year bonds climbed three basis points to 2.20 percent as of 10:08 a.m. in London\n<ul>\n<li>Similar-maturity Spanish bonds rose 1 basis point to 1.57 percent while yields on 10-year French bonds slipped 1 basis point to 0.83 percent<\/li>\n<\/ul>\n<\/li>\n<li>\u201cItalian political risk and the country\u2019s fragile banking system could move back into focus soon, particularly if the likelihood of early elections in late 2017 rises,\u201d strategists at BlackRock Investment Institute including Richard Turnill write in a bulletin<\/li>\n<li>The euro fell 0.4 percent to $1.0957, its first decline in three days\n<ul>\n<li>Support at 1.0947-51, series of highs post-France first election round and then 1.0906, March 27 high<\/li>\n<\/ul>\n<\/li>\n<li>Macron received 66 percent of expressed votes, the French Interior Ministry said, based on 99.99 percent of votes counted<\/li>\n<li>Macron\u2019s victory is expected to be seen as a relief but may have only limited positive impact as it\u2019s been priced in by markets after the first-round vote, Morgane Delledonne, fixed-income strategist\u200e at ETF Securities, writes in emailed comments\n<ul>\n<li>\u201cThe next decisive step for France will be the Parliamentary elections. The latest polls indicate Macron\u2019s party En Marche to be the first party at Parliament followed with the Republicans\u201d<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>Source: Bloomberg<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Italian bonds slid, leading losses in peripheral European debt, as markets looked beyond Emmanuel Macron\u2019s&#8230;<\/p>\n","protected":false},"author":2,"featured_media":1431,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[373],"tags":[],"class_list":["post-3374","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-news"],"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Italian Bonds, Euro Decline as Markets Look Past Macron Victory - 8 may, 2017 -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/arabicfxadvisors.com\/english\/italian-bonds-euro-decline-markets-look-past-macron-victory-8-may-2017\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Italian Bonds, Euro Decline as Markets Look Past Macron Victory - 8 may, 2017 -\" \/>\n<meta property=\"og:description\" content=\"Italian bonds slid, leading losses in peripheral European debt, as markets looked beyond Emmanuel Macron\u2019s...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/arabicfxadvisors.com\/english\/italian-bonds-euro-decline-markets-look-past-macron-victory-8-may-2017\/\" \/>\n<meta property=\"article:published_time\" content=\"2017-05-09T04:04:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/arabicfxadvisors.com\/english\/wp-content\/uploads\/2016\/01\/ecb12.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"620\" \/>\n\t<meta property=\"og:image:height\" content=\"388\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Fx Advisor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fx Advisor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/arabicfxadvisors.com\/english\/italian-bonds-euro-decline-markets-look-past-macron-victory-8-may-2017\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/arabicfxadvisors.com\/english\/italian-bonds-euro-decline-markets-look-past-macron-victory-8-may-2017\/\"},\"author\":{\"name\":\"Fx Advisor\",\"@id\":\"https:\/\/arabicfxadvisors.com\/english\/#\/schema\/person\/86a15b1444dc3cf22d3943734b86607d\"},\"headline\":\"Italian Bonds, Euro Decline as Markets Look Past Macron Victory &#8211; 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