• There was palpable relief in Europe at the success of Emmanuel Macron, a centrist, in the first round of France’s presidential election. It is widely assumed that he will defeat Marine Le Pen, his far-right opponent, in the May 7 runoff.

Stocks on French exchanges surged to a nine-year high and the euro climbed, dodging the latest immediate threat to its existence.

But after a year of unexpected election results, it would be unwise to discount Ms. Le Pen. “This is deadly serious now,” said Benoît Hamon, the losing candidate of the governing Socialist Party. Here’s a detailed map of the results.