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Asia Markets: Asian markets rally after French election results

Global financial markets have staged a relief rally after centrist French presidential candidate Emmanuel Macron won the first round of voting there and solidified his prospects of becoming France’s next leader.

The euro rallied sharply, though gains have moderated some, while havens such as gold, the yen and U.S. Treasurys sold off.

Macron won the first round with 23.9% of the vote, according an official tally of 96% of votes, with far-right candidate Marine Le Pen next at 21.4% and two other challengers several percentage points behind.

The results assuaged market fears of a victory for the nationalist Le Pen, who has been considered a wild card for markets.

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