In France, we are down to two candidates: Macron v.s. Le Pen.

法國總統大選剩兩名候選人：馬克宏及勒朋

And the market likes the sound of that second-round contest, looking for a Macron victory.

第二輪投票受萬眾矚目，市場看好馬克宏

French banking stocks surging, and that's driving CAC 40 up 4% at the open.

法國銀行股大漲，帶動法國 CAC 40 指數開盤漲 4%

Risk-on is not just confined to France, however.

投資人追逐風險資產的風氣不只出現於法國

Italian shares up more than 3% at the open, with even London's FTSE 100 up over 1.5%.

義大利股市於開盤漲 3%，英國富時 100 指數漲幅超過 1.5%

Euro climbed above 1.09 in Asia against the dollar—a five-month peak.

歐元在亞洲大漲，一度衝過 1.09 美元，達到近五個月來最高值

Single currency remains at 1%, around 1.083.

歐元對美元匯率差維持在 1%，匯率大約為 1.083

Euro has also sharply rallied against the pound and rose briefly against yen 120

歐元相對於英鎊亦大幅上漲，歐元/日圓一度漲至 120

—its highest level since late March.

自三月下旬以來最高點

There's also a big reaction in bonds,

債券市場亦深受影響

with the premium for French 10-year paper shrinking to less than 50 basis points over German bunds.

法國與德國10年期公債殖利率的利差以縮小至 50 個基點以下

This spread was back near 80 basis points last week.

前一週利差才一度達到近 80 基點

And the question is: how soon do we see this relationship revert to the 30 basis-point area that largely sufficed before November?

我們現在好奇的是：此利差什麼時候能回縮到去年十一月以前的 30 基點左右？

A snap poll shows 62% support for Mr. Macron, and only 38% for Ms. Le Pen.

針對第二輪投票所進行的民調顯示有 62％ 民眾會投給馬克宏，38％支持勒朋

That's the kind of spread the market really likes to see.

這個大幅的差距就是市場最樂見的