Emmanuel Macron has won a big endorsement for his French presidential campaign and the markets seem to like it
French presidential candidate Emmanuel Macron has received another boost in a busy week, after being endorsed by veteran centrist Francois Bayrou, with the markets welcoming the move.
Macron was in London to speak to Prime Minister Theresa May only yesterday, and today won the backing of Bayrou, helping his bid to move clear of centre-right Republican Francois Fillon in the battle to take on Front National's Marine Le Pen.
Le Pen is the favourite to make the final round of the election in May, but so far Macron and Fillon have been inseperable in the polls.
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Endorsing Macron today Bayrou, a pro-EU politician who had been an outsider in the race, said: "We are in an extremely risky situation, and to tackle this exceptional situation, I think we need an exceptional response.
"I have decided to offer Emmanuel Macron an alliance. The danger is too big we must change things."
The declaration pushed the euro up against the dollar, and French bond yields, which had risen because of fears of rising support for Le Pen, fell about 5 basis points.
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Describing French democracy as under threat, Bayrou said that the conservatives under Francois Fillon were riddled with scandals and the Socialists, who he backed in 2012, were in disarray, a situation that could pave the way for the far-right.
"What's at stake with this alliance is to restore hope," Bayrou said.