The Daily Chase: French election anxiety continues to weigh down European shares

Here are five things you need to know this morning.

European shares slump on French election anxiety: European stocks are on track for their worst week since October on growing fears about the result of the French election. The Stoxx 600 has lost 2.2 per cent this week while the CAC40 index has erased this year’s gains. The anxiety stems from the snap election that French President Emanuel Macron called last weekend after his party was routed in European Parliamentary elections. Investors fear a win in France by Macron’s leading rival, Marine Le Pen and her far right National Rally party, will usher in looser fiscal policies.

Cineplex reveals May box office numbers: Cineplex revealed its box office tally for May this morning, and the numbers show the summer blockbuster season is not exactly off to a roaring start. The movie theatre chain took in $33.9 million in revenue across its venues during the month. That number is down by about 30 per cent from last year’s level and well below what the chain would normally take in during the month pre-pandemic. The box office total for May 2019 was $68.7 million, for comparison purposes.

Adobe shares jump on strong demand for AI products: Adobe shares are jumping this morning after the software company posted quarterly results after the bell on Thursday that came in well ahead of expectations. Shares in the company that is perhaps best known for its photo editing tool Photoshop have been under pressure as investors worry that artificial intelligence will eat into demand for its core product. But the financial guidance for the company suggests demand remains strong for Adobe’s suite of AI tools. Adobe says its digital media net new annual recurring revenue will be US$460 million this quarter. That’s over $25 million more than the street was forecasting. The shares are up by 15 per cent premarket and if that gain holds through the day, it will be the best day for Adobe shares since March 2020.