Centrist candidate Emmanuel Macron garnered the largest share of votes in the first round of France’s presidential election, an estimated 23.7 percent, beating far-right candidate Marine Le Pen, who emerged with 21.7 percent. Macron, a former banker who has never held high political office, is favored to win when he faces off against Le Pen in the election’s deciding round in two weeks.

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Investors had feared that the runoff would result in a victory by Le Pen and far-left candidate Jean-Luc Mélenchon, who both favor France’s withdrawal from the euro zone. A withdrawal of France, a pivotal member of the bloc, would make the disintegration of the European project a virtual certainty.

Neither of the candidates from the center-right and center-left parties that have dominated French politics for decades advanced to the second round.

Fotios Raptis, senior economist at TD Economics, called the outcome “a blow to France’s established political order” in a note Monday. “Yesterday’s election was the first time that neither of the two mainstream parties of the left and right had made it to the second round of voting in almost 60 years,” the note said.

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The CAC 40, an index of the largest listed companies in France, surged to record highs Monday, ending the day up 4.1 percent. Germany’s DAX index climbed 3.3 percent, while the FTSE 100, an index of Britain’s largest companies, gained 2.1 percent.

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The euro climbed to a five-month high against the dollar before paring back gains. Diminished risk for the euro zone coaxed investors out of the safe-haven assets, like gold, U.S. Treasury bills and German government bonds, into riskier investments, including Spanish, Portuguese and Italian bonds.

Asian markets also rose Monday, with the Nikkei 225 gaining 1.4 percent and Hong Kong’s Hang Seng index growing 0.4 percent. Mainland Chinese markets fell after a Chinese insurance regulator warned of growing risks in the financial sector.