Citi Economics provides a preview on the first round of the French Presidential elections.

"Barring a major surprise, Emmanuel Macron and Marine Le Pen will square up for a second-round re-match of the 2017 presidential election. And although polls suggest a closer race than in 2017, Macron will likely emerge victorious again," Citi notes. 

"Even a workable parliamentary majority for Macron is now within reach. Macron will still emerge weakened, in our view," Citi adds.