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Spanish stock market shoots up after first round of French elections

Xinhua, April 24, 2017 Adjust font size:

The Spanish benchmark stock market index Ibex-35 rose 3.27 percent on Monday after the first round of the elections in France while some Spanish political parties approved the results, hoping for a more united Europe.

The index rose 3.27 percent in early trading reaching 10,708 points, in line with rises in other European stock markets indexes such as Milan, London or Frankfurt that rose 3.49 percent, 1.82 percent and 2.33 percent respectively.

Banco Santander shares rose 5.16 percent as well as BBVA's, Telefonica, Inditex or Iberdrola that climbed 6.38 percent, 3.40 percent, 2.92 percent and 2.36 percent respectively.

Meanwhile, Spain's Deputy Prime Minister Soraya Saenz de Santamaria, said she hoped for a "more united Europe" after the first round of the elections in France enabled centrist Emmanuel Macron to face off with far-right Marine Le Pen in the second round.

Saenz de Santamaria said that it was necessary to be "respectful with the French's decision" and added that "we have to work towards a process of integration" at a European level.

In line with this opinion, the People's Party spokesperson at the European Parliament, Esteban Gonzalez, said he hoped Macron will win in the second round.

Spanish Foreign Minister Alfonso Dastis considered the results as good news, pointing out that Macron's project for Europe is "the most similar to the Spanish government one".

However, he asked for "caution," explaining that a large number of French people had supported a party that questions the European Union.

Meanwhile, the leader of the centrist party Ciudadanos, Albert Rivera, highlighted that the results showed how traditional parties, such as the socialists and conservatives, did not have an answer to the new world challenges. Endit