European benchmarks slipped Monday in the wake of the Emmanuel Macron's victory in the French election with markets turning their attention toward parliamentary elections in June.
While Monday's price action left markets appearing to have taken the old adage, buy the rumour and sell the fact, to heart over recent weeks, concerns over the outcome of the June parliamentary elections are not without merit.
The parliamentary vote could see the newly elected Macron, who has no party of lawmakers behind him, deprived of support for his legislative agenda giving way to a multi-year period of political deadlock.
Consequently, the CAC 40 index slipped 0.91% to close at 5,382 in Paris Monday. Meanwhile the DAX index edged lower, by 0.18%, to settle in at 12,694 in Frankfurt.
London's FTSE 100 eked out a 0.05% gain for the session when it closed at 7,300 while the mid-market FTSE 250 index posted a 0.15% return, closing at 19,729.
In southern Europe, Milan's FTSE MIB and Madrid's IBEX indices both fell throughout the session, closing between 0.25% and 0.50% lower.
Both banks saw near double-digit gains during the weeks between the first and second election votes, leaving the much anticipated victory of Macron somewhat and anti-climax.
In London bookmaker Paddy Power Betfair (PDYPF) , easyJet (EJTTF) and REIT Intu Properties (CCRGF) all rose more than 2%. The biggest fallers were found in the mining sector, with Antofagasta (ANFGY) , Anglo American (NGLOY) and Glencore (GLNCF) dropping by around 2% each.
The sector was a victim of mixed trade balance data from China. While the Asian nation's trade surplus widened during April, imports of industrial metals were shown to have fallen, suggesting a dampening of domestic demand for raw materials during the recent month.