Investors are expecting Emmanuel Macron to win on April 24 or are downplaying the impact of a surprise victory by Marine Le Pen. On the other hand, equity markets are underestimating the risk of bonds and the normalization of monetary policies, according to Vontobel AM and Pictet AM. The close duel in the second round of the presidential elections does not worry...
Rates are a concern, presidential elections much less so
