The Mumble: Le Pen is mightier than Lagarde?

The news that National Front leader Marine Le Pen is ahead in the French presidential race polls will provoke nothing more than a wearied sigh from most in the market. After a strong showing from anti European Union parties in May’s European elections, which the markets took in their stride, it seems that politics can’t hurt the feel-good buzz in European debt markets spurred on by the European Central Bank’s easing policy. But market participants can’t afford to take their eyes from political developments.