FRANKFURT (dpa-AFX) - Investors on the German stock market are initially reluctant to take a clear position on Monday morning after the second round of voting in France. The shift to the right in Germany's neighboring country has been weaker than expected, but uncertainty remains regarding the political consequences of the election. Around two hours before the Xetra start, the broker IG estimated the DAX to be almost unchanged at 18,478 points.

The second round of voting in France produced a rather unexpected result that first needs to be assessed. A left-wing alliance is expected to become the strongest force in the newly elected National Assembly. The right-wing nationalist Rassemblement National (RN) led by Marine Le Pen and her allies are only likely to finish in third place after the centrist camp of President Emmanuel Macron and Prime Minister Gabriel Attal. Attal has drawn the first conclusions and announced his resignation.

A majority capable of governing is not yet in sight after the election, and the left lacks a common leadership. It is also uncertain what the result will mean for Germany and Europe. Investors are therefore initially cautious. Following the surprising outcome of the French parliamentary elections, Jürgen Hardt, foreign policy spokesman for the CDU/CSU parliamentary group in the Bundestag, is optimistic that a tough opposition to President Emmanuel Macron can still be averted./tih/mis