Europe’s stock markets fall as investors weigh political uncertainty in France

European stocks opened trading lower as investors in the region weighed political uncertainty in France following Sunday’s election result.

The pan-European Stoxx 600 index is down 0.37% at 514.51 points, with most sectors in the red. On the individual boards, the British FTSE 100 is up marginally by 0.02%, the German DAX is down 0.43%, the French CAC 40, the Italian FTSE MIB is down 0.59% and the Spanish IBEX 35 is down 0.50%.

Oil and gas stocks led the losses, down 1.23%. BP fell 3.5% after the oil major said in a statement that it expects a hit to second-quarter earnings of $1 billion to $2 billion from impairments and $500 million to $700 million due to “significantly lower realized refining margins.”

European markets meanwhile are pricing in the prospect of a prolonged period of political uncertainty in France as it faces a fractured parliament following Sunday’s parliamentary election result. The far-left New People’s Front won the largest number of seats in the final round of voting, denting an expected rise of Lepen.

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