(Reuters). – European stock futures plunged more than 1% Monday after nerves over rapid U.S. Interest Rate hikes and tech earnings this weeks overshadowed celebrations of French President Emmanuel Macron winning his election.

Futures on the Euro STOXX50 50 had fallen 1.7% by 0605 GMT. German futures fell 1.7%, while 40 index futures declined 1.5%

Following Sunday’s elections results that showed Macron, the pro-EU centreist, leading, markets received a short boost. It reassured them about France’s support for an integrated Europe and his commitment even though it now relies on his economic platform in June. [FRX/]

France’s blue-chip CAC 40 index outperformed the wider index in the last two weeks due to hopes for Macron’s reelection. However, his small lead over Le Pen (who favors nationalising key industry and cutting taxes) had investors worried earlier.

Asian stocks were the worst affected by Wall Street’s major indexes dropping more than 2.5% last Friday. This was due to aggressive measures taken by investors in an effort to control inflation. [MKTS/GLOB]