European banks posted significant gains Monday amid a surge in regional benchmarks as investors reacted to Sunday’s presidential elections in France and the prospect of a second round win for centrist candidate Emmanuel Macron.
The region’s biggest banks posted some of their biggest gains in a year in early trading as the euro hovered at a multi-week high against the U.S. dollar and government bonds — outside of Germany — rallied hard in the wake of Macron’s win and his early lead in second round polls over far-right rival Marine Le Pen.