Gray rhino watching in France this weekend

Today's slide deck: https://bit.ly/37yqHIM   - Today we discuss the French presidential election risk exploding onto the market's radar screens this week and the gap-risk for the euro and other assets over the weekend if the right populist Le Pen posts a strong showing in the first round. Any indication that Le Pen has rising odds of becoming the next French president is a proper Gray Rhino event that would act as a powerful check on the recent EU narrative of tighter EU integration post the Russian invasion of Ukraine and will have European investors holding their collective breath over the next two weeks until the second round vote. We also talk crude oil, natural gas at near-14-year highs in the US, grains, earnings season kicking off next week and more. Today's pod features Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX. Intro and outro music by AShamaluevMusic