An investigation by Bank of America showed that French President Macron's decision to hold early elections made the French stock market the least popular stock in Europe. The latest survey of European fund managers by UBS also showed that investors are more likely to reduce their holdings of French stocks than any other country in Europe over the next 12 months, with significant fluctuations compared to May, when France was their top pick. Currently, investors' preferences are shifting towards defensive stocks and sectors. Barclays' strategists expect that due to the diversity of potential outcomes, the price trend of European stock markets will remain "unstable" before the second round of voting in France.