CEOs wiped beads of sweat off their foreheads in late April as Emmanuel Macron managed to fend off Marine Le Pen and win the French presidential election.

In the end, the leader of La République en Marche (which has now bizarrely changed its name to Renaissance) comfortably secured another term in office, ensuring that France will continue its programme of pro-business reform and that the gilet jaunes — or whatever they morph into — will have plenty to protest about. In the long term, it is hoped that this will translate into good long-term news for the country’s future economic growth prospects.

For now, however, cutting taxes and reforming pensions almost feel like irrelevant political gestures. Macron is expected to tackle the cost-of-living crisis and get through to President Putin during his regular phone calls with the despot