Lunatic Le Pen “Cannot Possibly” Win – But Don’t Tell VSTOXX Futures

We start on Sunday with French election risk (where else?). I'm sorry to day that today, I don't have any video clips of topless women protesting Marine Le Pen's "fake feminism" (or, more generally, her populist bulls*t), but what I do have is a fresh look at how European equities are pricing election risk. Note that a key theme we've explored in these pages and elsewhere is the extent to which the V2X term structure admits of a discernible "kink" to reflect risk around France's electoral tri