French election shock hits stocks and the euro [CNN]
BNP PARIBAS SPONS ADR (BNPQY)
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Source: CNN
Big gains for the far right in the French election could force Macron to govern with a hostile parliament, making it harder for his centrist administration to pursue its policy agenda and raising doubts about its ability to put government finances on a more sustainable footing. France's CAC 40 index, which represents 40 of the biggest companies listed in Paris, fell 1.8% by 7.06 a.m. ET, with banks among the biggest losers. Europe's benchmark Stoxx 600 index was trading 0.6% down on the day by the same time. Shares in Société Générale had tumbled 7.4% by early afternoon in Paris, while shares in BNP Paribas and Credit Agricole were down 4.7% and 4.1% respectively. The euro fell 0.5% against the US dollar in early-afternoon trade, hitting its lowest level in a month. Against the British pound, the currency, shared by 20 countries in Europe, dropped 0.4% to trade at its weakest level in nearly two years. Macron dissolved the French parliament and called the election after an ex
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