Investec W&I's Summers: The real worry is Le Pen in five years' time

Still important to hold government bonds

Andrew Summers, head of fund research at Investec Wealth and Investment, has said that while National Front leader Marine Le Pen remains a risk to markets this year, the next French election in 2022 could pose an even bigger threat for Europe.

According to the FT, Le Pen is currently tied in the polls with En Marche! leader Emmanuel Macron on 23% of the vote while Francois Fillon, head of the Republican party, is on 20% and Jean-Luc Melenchon, leader of the far left party Rebellious France holds 19% of the vote, as of 18 April. Summers said he is overweight European equities due to economic recovery in the region, but warned the French elections still remain a risk. "We are overweight Europe because the profit trough is coming to an end and we are starting to see an uptick in European corporate profitability, which is a key...