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French Banking Sector Reaction to Macron’s Win
Commenting on the French banking sector’s reaction to Macron’s win, Jaisal Pastakia, Investment Manager at Heartwood Investment Management, said:“Over the last two weeks French banks had benefitted from an improvement in sentiment towards European equities, as well as positive earnings releases. Both Societe Generale and BNP Paribas came out with Q1 earnings releases which exceeded earnings expectations.
“European bank equities are down this morning, but it is important to remember that they rallied strongly following the first round of the Presidential election. In fact, towards the end of last week, Societe Generale’s share price was trading at its highest level since Q1 2011. Meanwhile, towards the end of last week, BNP Paribas’ share price was trading at its highest level since 2008
“Beyond the equity markets, we are seeing positive sentiment being reflected in the CDS markets. CDS spreads for the two largest French banks have continued to fall, reflecting a declining risk premium:
- BNP’s CDS spread has continued to fall this morning and is at the lowest level since Q2 2015
- Societe Generale’s CDS spread has continued to fall this morning and is at the lowest level since 2008”
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WorkFusion, a pioneer in AI agents for financial crime compliance (FCC), today announced it raised $45 million in funding.
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United Gulf Financial Services (UGFS North Africa), a leading venture capital firm offering innovative companies and startups with financial support and mentoring services, has announced a partnership with The Hashgraph Association, a Swiss non-profit organization driving global adoption of Hedera-powered solutions by funding innovation, training, certification, and venture building programs, and Exponential Science Foundation, a not-for-profit foundation accelerating responsible tech adoption, via research, education, and innovation activities, for Hedera Africa Hackathon 2025, the biggest hackathon in Africa aimed at enabling the next generation of Web developers and empower economic inclusion in Africa with a digital future for all.
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