penly than ever, the extreme-right electorate of Marine Le Pen's National Front, as if he sensed that she might

han ever, the extreme-right electorate of Marine Le Pen's National Front, as if he sensed that she might

asizing the ideological divide between him and Hollande, Sarkozy is also being led to court, more openly than ever, the extreme-right electorate of Marine Le Pen's National Front, as if he sensed that she might not find enough signatures to qualify for a place on the ballot. This strategy may make sense in th

th ignored and despised. The EU has become a breeding ground for populist parties, such as Geert Wilders's Party for Freedom in the Netherlands and Marine Le Pen's National Front in France, which claim to defend ordinary people against an arrogant and incompetent elite. EFTA00684348 Greece's Golden Dawn is t

lders's Party for Freedom in the Netherlands and Marine Le Pen's National Front in France, which claim to defen

Party for Freedom in the Netherlands and Marine Le Pen's National Front in France, which claim to defen

penly than ever, the extreme-right electorate of Marine Le Pen's National Front, as if he sensed that she might

han ever, the extreme-right electorate of Marine Le Pen's National Front, as if he sensed that she might

asizing the ideological divide between him and Hollande, Sarkozy is also being led to court, more openly than ever, the extreme-right electorate of Marine Le Pen's National Front, as if he sensed that she might not find enough signatures to qualify for a place on the ballot. This strategy may make sense in the

fidence in Mr Trump; for those who disapprove of Marine Le Pen's party, that number is just 6%. America's presi

in Mr Trump; for those who disapprove of Marine Le Pen's party, that number is just 6%. America's presi

ong them, confidence was not above 50%. Of those who approve of the National Front, 39% express confidence in Mr Trump; for those who disapprove of Marine Le Pen's party, that number is just 6%. America's president is often described as the "leader of the five world". Mr Trump may be making that moniker an ana

rate cut. The risk to this view is if tail risk scenarios unfold in European politics, such as an early election in Italy with Five Star winning, or Le Pen wining the second round in the French elections. Although we expect markets to be more concerned about European politics following the US elections,

ut it earlier if Renzi loses the referendum. The 2017 French election is another concern. President of the far-right party and presidential candidate Marine Le Pen is ahead in the polls to win the first round. Winning the second round is much more difficult, as she will need more than 50% of the votes, but inves

crucial French elections. A Bankof America Merrill Lynch European Equity Strategy | 01 December 2016 5 HOUSE_OVERSIGHT_014464 --- PAGE BREAK --- Marine Le Pen victory could bring into question both the future of the EU and also the euro, should the polls be close it could make the uncertainty and market mov

erica 16 European Equity Strategy | 01 December 2016 Merrill Lynch HOUSE_OVERSIGHT_014475 --- PAGE BREAK --- Barty argued in The Trump Inflection, Le Pen’s victory has the potential to be even more of an earthquake for the world’s financial markets. Indeed, we have already seen a 1vol move in April 2017

s had a clear link to Putin. If one of the representatives of the dangers of capitalism is the state involvement in capitalism, so, I see there, also Marine Le Pen campaigning in Moscow with Putin, and also UKIP strongly defending Russian positions in geopolitical terms. [Harnwell restates, but unintelligible] H

ement in capitalism, so, I see there, also Marine Le Pen campaigning in Moscow with Putin, and also UKIP s

urope, especially France and Germany. Because of the winner takes all system in France we find investors are more concerned with the situation there. Marine Le Pen and the Front National look likely to make it to the second round of voting (again according to polls) and until the vote comes in we suspect investo

to the second round of voting (again according to polls) and until the vote comes in we suspect investors will be cautious about European markets. A Le Pen victory could likely bring the future of the EU and the Euro into question as she has talked about France withdrawing from both. That in turn has arg

s had a clear link to Putin. If one of the representatives of the dangers of capitalism is the state involvement in capitalism, so, I see there, also Marine Le Pen campaigning in Moscow with Putin, and also UKIP strongly defending Russian positions in geopolitical terms. [Harnwell restates, but unintelligible] H

ement in capitalism, so, I see there, also Marine Le Pen campaigning in Moscow with Putin, and also UKIP s

ery that for a long time he courts nationalists of the right from East to West. And he has already met, among others, the Hungarian Orban, the French Marine Le Pen and the former leader of the British separatists Nigel Farage. The latter reappeared, coincidentally, on Friday in Pennsylvania, USA, to a fundraiser

ng others, the Hungarian Orban, the French Marine Le Pen and the former leader of the British separatists

ery that for a long time he courts nationalists of the right from East to West. And he has already met, among others, the Hungarian Orban, the French Marine Le Pen and the former leader of the British separatists Nigel Farage. The latter reappeared, coincidentally, on Friday in Pennsylvania, USA, to a fundraiser

ng others, the Hungarian Orban, the French Marine Le Pen and the former leader of the British separatists

ts of the right from East to HOUSE_OVERSIGHT_019322 --- PAGE BREAK --- West. And he has already met, among others, the Hungarian Orban, the French Marine Le Pen and the former leader of the British separatists Nigel Farage. The latter reappeared, coincidentally, on Friday in Pennsylvania, USA, to a fundraiser

ng others, the Hungarian Orban, the French Marine Le Pen and the former leader of the British separatists

ery that for a long time he courts nationalists of the right from East to West. And he has already met, among others, the Hungarian Orban, the French Marine Le Pen and the former leader of the British separatists Nigel Farage. The latter reappeared, coincidentally, on Friday in Pennsylvania, USA, to a fundraiser

ng others, the Hungarian Orban, the French Marine Le Pen and the former leader of the British separatists

ed so as to ensure a degree of deniability, but the disguise is sometimes rather thin. In late 2014, France's far-right National Front party, led by Marine Le Pen, secured a €9 million loan from a Russian bank with indirect ties to the government in what many interpreted as a bet by Putin on the future of Frenc

€9 million loan from a Russian bank with indirect ties to the government in what many interpreted as a bet by Putin on the future of French politics. Le Pen has subsequently spoken favorably of Putin and criticized the sanctions imposed on Russia by the EU.' She has even called for a strategic alliance wi

ery that for a long time he courts nationalists of the right from East to West. And he has already met, among others, the Hungarian Orban, the French Marine Le Pen and the former leader of the British separatists Nigel Farage. The latter reappeared, coincidentally, on Friday in Pennsylvania, USA, to a fundraiser

ng others, the Hungarian Orban, the French Marine Le Pen and the former leader of the British separatists

will embrace. It is a massive change in sentiment from six months ago when markets were fearing the “anti-European Union” rhetoric of since-defeated Marine Le Pen. Unifying Europe is no easy task, but the best chance appears to be in the hands of a political outsider with pro-business and economic policies tha

European Union” rhetoric of since-defeated Marine Le Pen. Unifying Europe is no easy task, but the best c

ery that for a long time he courts nationalists of the right from East to West. And he has already met, among others, the Hungarian Orban, the French Marine Le Pen and the former leader of the British separatists Nigel Farage. The latter reappeared, coincidentally, on Friday in Pennsylvania, USA, to a fundraiser

ng others, the Hungarian Orban, the French Marine Le Pen and the former leader of the British separatists

ery that for a long time he courts nationalists of the right from East to West. And he has already met, among others, the Hungarian Orban, the French Marine Le Pen and the former leader of the British separatists Nigel Farage. The latter reappeared, coincidentally, on Friday in Pennsylvania, USA, to a fundraiser

ng others, the Hungarian Orban, the French Marine Le Pen and the former leader of the British separatists

ery that for a long time he courts nationalists of the right from East to West. And he has already met, among others, the Hungarian Orban, the French Marine Le Pen and the former leader of the British separatists Nigel Farage. The latter reappeared, coincidentally, on Friday in Pennsylvania, USA, to a fundraiser

ng others, the Hungarian Orban, the French Marine Le Pen and the former leader of the British separatists

ts of the right from East to West. And he has already HOUSE_OVERSIGHT_019302 --- PAGE BREAK --- met, among others, the Hungarian Orban, the French Marine Le Pen and the former leader of the British separatists Nigel Farage. The latter reappeared, coincidentally, on Friday in Pennsylvania, USA, to a fundraiser

ng others, the Hungarian Orban, the French Marine Le Pen and the former leader of the British separatists