In 1981, the French stock market dipped in fears over François Mitterrand’s presidency win and the same could happen regarding Marien Le Pen, says Saxo Bank’s head of macro analysis Christopher Dembik.

In the 30 days following the first round in the 1981 election, the French stock market dropped by over 20% as a result of concerns about the economic policies of Mitterrand, who eventually became president from 1981 to 1995.

Dembik says that if Marie Le Pen - who has an anti-Eurozone stance - wins, the same steep dive could happen to the CAC 40 by 20% after the election. The first round of voting is on April 23 and the second round is on May 7.