For anyone nourished on volatility, the famine in global markets is worsening.

With the French election ending in a victory for Emmanuel Macron, one more thing said to threaten global stability has made a quiet exit. For investors already looking at record-low price turbulence, the defeat of far-right candidate Marine Le Pen means even more risk removed from the table.

European stock volatility measured by the Euro Stoxx 50 Volatility Index fell to the lowest since March on Monday, even as a two-week advance in both the euro and global stocks in the lead-up to the final vote left little room for a relief rally. At the same time, the CBOE Volatility Index decreased 7.6% to 9.77, the lowest since 1993.

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