Conceptually speaking, Macron belongs to the concept of "neither left nor right, both left and right". Although this idea is more pleasing in general elections, it is not dominant in parliamentary elections. In particular, the "Progressive Party" led by him has a history of only one year and has no political capital. If you want to gain control, you must cooperate with the existing traditional political parties.

The abandonment rate of 27.8% also laid the groundwork for the uncertainty of the future situation.

At the same time, Macron's tax cuts, deficit reduction, civil service expenditures and labor market liberalization are unlikely to bear fruit historically.

In addition, the general elections in Italy in June and Germany in September.

Although some European analysts suggest that the allocation of risky assets can be strengthened, from the perspective of the market as a whole, the key depends on the French parliamentary elections and the Italian referendum.

The market as a whole is weak.

Analysts like Forex pointed out that the unexpected performance of European stock markets was largely related to the decline in China's trade data.

France's borrowing costs have also fallen to the lowest level in the past six months. However, Hess Wei, chief economist of Swiss Asset Management Company, said that although ECB President Mario made it clear that he would defend the current loose stance of the ECB. But today's cold market reaction may indicate that the European Central Bank is likely to tighten monetary policy ahead of schedule.

At the same time, some fixed assets investment in Europe also showed a downward trend. The British real estate market began to cool down, falling by 0. 1% in April. Rents in London also fell for the first time in eight years.

The market digested the election expectations in advance.

This time, the market has predicted in advance that Macron will win by a large margin, so it has digested the impact of the election several days ago. In other days, the euro and the stock market rose all the way. But today's high abandonment rate and future instability offset the positive results of Macron's election.