European ETFs have resumed their trend of dramatic 5 day outperformance as equities on the continent have spiked ahead of a likely defeat for Marine Le Pen in the second round of French elections. Virtually every ETF in the top 20 is related in some way to Europe. Underperformance is all about commodities with Telecoms the only ETF in the ten worst performers that isn’t either directly exposed to commodities or commodity producers.

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