Shares surge across Europe as investors welcome the prospect of Emmanuel Macron becoming France’s next president * Latest: French stock market jumps to nine-year high * Investec: Why Macron is likely to be next president * ABN Amro: Macron could struggle to get reforms through * Euro spikes to $1.09 after French election * French bonds are rallying too * Live reaction: France wakes up to new political landscape * French election: Macron to face Le Pen after first round 4.38pm BST The prospect of Emmanuel Macron becoming France’s next president has prompted the Greek prime minister Alexis Tsipras to call the centrist politician following his first-round win. Helena Smith writes: The congratulatory message from Tsipras not only underscored the strong alliance between Greece and France, but also how much store Athens sets on Paris’ long-standing support in economic matters. Throughout the seven-year debt crisis, Greece has frequently depended on France’s backing in often fraught negotiations with creditors, not least Berlin. After weeks of tense talks over the country’s latest bailout review, monitors representing lender institutions will return to Athens to resume inspections tomorrow, European Commission spokesman Margaritis Schinas announced today. The aim was to reach an agreement “as soon as possible,” he said, in comments reflecting Europe’s desire to avert another Greek crisis in the run-up to Germany also going to the polls. The inspection tour, which is expected to be wrapped up within weeks, will focus on the “technical details” of implementing €3.6bn worth of further pension cuts and tax hikes, the latter enforced though broad expansion of the tax base. Highlighting the extraordinary fiscal adjustment Greece has made, Schinas said the EU statistics agency, Eurostat, had confirmed that in 2016 the country’s primary budget surplus far exceeded expectations coming in at 3.9% of GDP (excluding debt servicing costs). The spokesman said the Commission was confident Greece could meet its budget targets in 2017 and 2018. 3.50pm BST A couple of manufacturing surveys from the US are showing a slight dip in performance. The Dallas Fed manufacturing activity index dipped from 16.9 in March to 16.8 this month, below expectations of a rise to 17. Continue reading...
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