Richard Lough

PARIS (Reuters). Emmanuel Macron, the French president will head his search for additional votes to northern France’s industrial heartlands on Monday. This is a stronghold where Marine Le Pen, his far-right opponent in the presidential election of April 24, will be facing him.

Macron and Le Pen emerged victorious in Sunday’s second-round vote. It set up an opportunity to repeat the 2017 duel that pitted a proeuropean economic liberal against an euro-sceptic nationist.

Surveys show that a second round will be close. A survey predicts Macron with only 51%, while Le Pen has 49%. It is impossible to say which way victory will go, because the gap between them is so narrow.

Macron said to cheering supporters, “Let’s not be mistaken. Nothing has yet been decided.” Macron spoke after partial results indicated that he qualified for the runoff.

He was critical of his right-leaning rival for funding her populist economic agenda. This would include a reduction in the retirement age to sixty for anyone who starts work prior to 20, the elimination of income tax for children under 30, and a decrease in the energy VAT to 5.5%, from 20%.

Macron addressed his own manifesto by saying: “Does Macron want France that talks of full employment? Is it serious about financing its welfare system, its pensioners and its schools, hospital and public services?”

Macron supporters, as well as some campaign insiders, have said that Macron should now be focusing on the right.

Le Pen received 33% of votes in northern Hauts de France. In the region, 27-28% of votes were won by left-leaning candidates. It will play a major role in the outcome of the second round.

Le Pen worked diligently to improve the image and position of her far-right party. This was at a moment when France, too, has been tempted to go right after the attacks on Islamists. Le Pen’s soft and less aggressive demeanour belies her anti-immigrant agenda.

She has also been focusing on the costs of living issues that plague millions, which has allowed her to tap into widespread discontentment towards the rulers while she tours towns and villages throughout France.

According to her, voters are faced with two choices: one of the divisions, injustice, and disorder imposed on Emmanuel Macron by a small number of people, and the other of a gathering of French citizens around social justice, protection, and equality.

As the market tightened, the yields on French 10-year and 5-year government bonds reached multi-year records.

Morgan Stanley (NYSE) stated in a briefing that the spread between German and French 10-year bond yields would remain close to current levels until the results of the second round.