French credit risk has collapsed by almost 40% this morning – the most ever – as it appears investors are satisifed that 1) Macron will win the presidency, and 2) Centrist banker/Hollande-lackey Macron will solve all of France's problems.
Notably, European VIX has plunged (back to historical norms absolutely and relative to US VIX)
FX market risk has crashed back to historical norms too…
But while the so-called "le spread" also plunged from EU crisis highs…
It does remain somewhat elevated from recent norms… Perhaps all is not 'solved' by a Macron win?
via http://ift.tt/2pd6fVh Tyler Durden