Earlier this year, BlackRock, the world’s largest asset manager, also sounded a bullish tone on Europe.

“We see European stocks as big beneficiaries of the broadening global reflationary environment and believe investors are too skeptical of the region’s prospects,” Richard Turnill, Global Chief Investment Strategist for BlackRock, said in a research note, pointing out that BlackRock upgraded its view on European equities.

Markets likely want Le Pen to be defeated and that appears to be likely outcome in France, which could further support EWQ.

“While we recognize there is a possibility Le Pen could win in the second round of voting in May, we think it’s a low one. Even if Le Pen fails to capitalize on her polling strength, we foresee populism continuing to dominate European political discourse for some years to come,” adds Franklin Templeton.

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