French banks rise as election poll casts doubts on RN victory
** Shares of French banks rise after a Wednesday poll suggested the far-right National Rally (RN) would fall short of a majority in parliament
** The second round of French parliamentary elections kicks off on Sunday; the far-right RN of Marine Le Pen won the first round
** A Harris Interactive poll suggested RN would only get 190 to 220 seats in round two of the elections, less than the 289 needed to form a majority
** "We think the French banks are reacting to the latest poll results," says Morningstar analyst Johann Scholtz
** Scholtz also points to the recent narrowing of the OAT-Bund spread,a measure of funding costs
** "We view higher funding costs as the main risk facing French banks in the current uncertain political environment. Narrower spreads is a welcome development," he adds
** Societe Generale rises about 3%, Credit Agricole CAGR.PA is up 2.7% and BNP Paribas BNPP.PA 2.3%
Reporting by Olivier Sorgho
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