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Financial stocks to continue benefiting from Macron: Analyst
Presidential hopeful Emmanuel Macron should be positive for financial stocks as he decreases the risk of euro zone disintegration and prepares plans for deregulation, an analyst told CNBC on Tuesday.
The financial sector rallied on Monday after the centrist candidate Macron won the first round of the French presidential election, with many French banks rising as much as 10 percent at the start of European trade.
Antoine Lesne, head of ETFs strategy and Research at State Street Global Advisors, told CNBC the market reaction was due to "the removal of the Frexit risk, at least for now."
Macron is disputing the runoff with far-right candidate Marine Le Pen, who's main campaign pledge is to take France out of the euro zone and the European Union.
Lesne added that "financials and banks, in particular, remain a strong pick for this election, for this Macron win, and because it also removes some of the risk on the euro zone itself."
Furthermore, Macron, a former investment banker, has mentioned intentions to deregulate the financial sector.
Lesne told CNBC that this should be positive for the sector but the details remain yet to be unveiled and parliamentary elections have yet to take place to show how much support Macron's policies could potentially have in the upcoming French government.
"It may help the sector but for the moment we don't have a lot of details on financial deregulation. Clearly regulation in Europe and in France, in particular, has been stronger than in some other regions, maybe like the U.S.," Lesne said.
The technological sector should also benefit if Macron's elected, given his pro-tech stance, Lesne added.
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