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Asia stocks rally after French election results

Asia stocks rally after French election results

Stocks across Asia were on the upswing on Monday following the landslide victory of Emmanuel Macron in the French polls on Sunday, with Japanese shares rallying after a three-day holiday.

Japan's Nikkei 225 surged 1.68%, with the bourse reaching its highest level since December 2015.

South Korea's benchmark Kospi index added 0.56%. Over in Australia, the ASX 200 was higher by 0.69%, driven largely by its energy and materials sub-indexes which were up 1.87% and 1.63% respectively.

Greater Chinese markets were mixed. The Hang Seng Index added 0.32% but the Shanghai Composite and Shenzhen Composite were lower by 0.51% and 0.429% respectively. Losses in mainland Chinese markets come on the back of tighter regulations from the Ministry of Finance on local government funding and the banking sector.

Investors are also waiting for China April trade data, which is expected to be released today, while Japan is expected to release the results of its April consumer confidence survey.

In Europe, Macron defeated far-right candidate Marine Le Pen in the French presidential election, with the French interior ministry stating that the former had secured 65.1% of the vote.

In currencies, the euro fell 0.2% to $1.0973 as of 11:07 a.m. in Tokyo, after gaining as much as 0.2% earlier. The currency is still trading near the highest level since November.

The yen slipped 0.1% to 112.85 per dollar. The currency is near the lowest level in seven weeks.

On the energy front, oil prices rose on the back of renewed output cut hopes, with US crude gaining 1.41% to trade at $46.87 a barrel. Brent crude added 1.49% to trade at $49.83.

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