Euro off as traders cash in French election bets; global stocks flat


European stocks and the euro pulled back on Monday from highs touched after Emmanuel Macron's emphatic but well-flagged victory in France's presidential election as investors' focus shifted from politics to monetary policy. "We look forward to working with the new president and continuing our close cooperation with the French government", Spicer said according to the statement.

Also commenting, Prime Minister Benjamin Netanyahu of Israel said: "Congratulations to Emmanuel Macron on his big win today as the next President of France".

Macron becomes not only France's youngest-ever president but also one of its most unlikely.

Prime Minister Alexis Tspiras said Macron's victory was "an inspiration for France and for Europe", adding he was "sure we will work closely together".

Le Pen has already called to congratulate Macron and conceded defeat to a gathering of her supporters in Paris.

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Germany, which has Europe's largest economy, has always opposed taking direct responsibility for weaker European Union countries' debts.

As of this morning, 99% of votes have been counted, with the French Interior Ministry having Macron on 66% and Le Pen on 34% - an ode to French polling if nothing else. He must garner a parliamentarian majority in order govern, while keeping the fresh image of new politics disconnected from the old system.

Ms Le Pen said that in spite of her loss, the "historic and massive" results had transformed her party into "the leading opposition force against the new president's plans".

"I will be the candidate of the presidential majority [at the election]..."

The National Front's interim president, named while Le Pen campaigned for Sunday's runoff, said the changes include giving the party a new name. Macron has said he wants continued intelligence-sharing with the United States and cooperation at the United Nations and hopes to persuade Trump not to pull the US out of a global accord fighting climate change.

Le Pen vowed to remove France from the Eurozone and hold a referendum on European Union membership.

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This may also feed more oil investment in the US , and domestic production is likely to respond to that, he said. Brent for July settlement added 5 cents to $50.89/bbl on the London-based ICE Futures Europe exchange.

The 39-year-old must unite a deeply-divided country, roll back unemployment and try to nudge a fractious European Union along the path of reform - but he first faces a battle to secure a governing majority in legislative elections due next month. Certainly, Macron's victory Sunday generated a sigh of relief in France and elsewhere in Europe, but, for many, it is just a temporary setback to the rising power of the far-right across the continent.

After his success in the presidential race, Macron believes that the French people will give him another victory in parliamentary elections, which will take place on June 11 and 18.

Macron's victory stands in contrast to the current global trend marked by the (anti-immigration, anti-Europe) British Brexit; the Donald Trump victory; and the challenges leaders in neighboring Holland, Germany and Italy have been facing since the beginning of the Syrian war with the continuous influx of immigrants.

"The Prime Minister and President-elect Macron looked forward to meeting and holding discussions at the upcoming North Atlantic Treaty Organisation and G7 summits".

During the election, Macron's camp accused Russian Federation of trying to influence the French election by spreading "fake news" through state-controlled media.

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Macron said he understood that some voters backed him reluctantly, simply to keep out Le Pen and her National Front party, which has a long history of anti-Semitism and racism.