SLEEPWALKING INTO THE NEXT CRISIS

Why the 'tourist is worried about this weekend's French elections

I don’t like trading based on politics. Usually, the market has more than fully priced in various outcomes, and there is little point in trying to determine how different candidates might affect markets.

However, sometimes there are profound shifts that markets miss.

This might be one of those times in France.

There is an upcoming election, and although c…