Stock markets surge after French election result

First-round victory by ex-banker Emmanuel Macron powers French index to nine-year high as global markets gain

Stock markets surged and the euro jumped sharply after centrist candidate Emmanuel Macron won the first round of the weekend's French presidential election, easing fears of a victory by the far-right Front National.

France's Cac index climbed more than 4% to a nine-year high, its best daily performance since August 2015, as investors bet that Macron would defeat the other runoff candidate, the FN's Marine Le Pen on 7 May. The first vote put Macron on 23.75% with Le Pen on 21.53%. The result was seen as the most market-friendly outcome, putting the independent former investment banker in pole position to fend off the anti-EU Le Pen.

Related: France's stock market hits nine-year high as election cheers investors - business live