The French election is just four days away and uncertainty is creeping higher. Let's check out some of the stories from today.
MACRON IS GETTING NERVOUS
French bonds slid sharply today, sending the benchmark 10-year yield to its highest since 2015, while the CAC 40 stock index underperformed the rest of Europe. The move comes as the latest poll shows Macron's lead over far-right National Rally leader Le Pen has narrowed to just 5 points (Prev. 10.5).
TECH TANKS AS RATES JUMP
Yesterday's hawkish comments from Fed dove and deputy governor Brainard continue to ripple through markets. Today's sector rotation is a clear reflection of the fact that higher rates are coming. Tech, defensives.
CHINA IN TROUBLE
Caixin China Services PMI fell to 42 in March from 50.2 in February, the lowest level since the depths of the 2020 lockdown after the initial outbreak in Wuhan (More).
RUSSIAN SANCTIONS 2.0
NATO foreign ministers are meeting in Brussels as the U.S. and allies are coordinating on a new round of sanctions on Russia. Options include a U.S. bar on investment in the country and an EU ban on coal imports.
Thanks for reading and catch you tomorrow!