European stock markets pushed higher Monday, largely brushing off strong gains for antiausterity parties in the European Parliamentary elections over the weekend, with economists and strategists saying that investors had already priced in a solid showing for euroskeptics in the lead up to Sunday's vote.
In thin trade, due to a public holiday in the U.K., the Stoxx Europe 600 rose 0.3%, with France CAC-40 up 0.2% and Germany's DAX rising as much as 0.7%.
France's far-right National Frontappeared to score a historic victory as voters delivered a strong rebuke to mainstream parties that many blame for leaving the country's economy in the doldrums. Exit polls showed the National Front, led by firebrand politician Marine Le Pen, garnered an estimated 25% of the vote nationally, with the party achieving as much as 28% in some territories.
In Germany, meanwhile, investors seemingly welcomed provisional results showing a win for Chancellor Angela Merkel's center-right Christian Democrats and Christian Socialists. The euroskeptic AfD, running for the first time in European elections, was seen taking 7%.
Greece's radical-left Syriza party—which opposes the country's international bailout—was poised to win, as was the U.K. Independence Party and the right-wing populist Danish People's Party.
"It looks unclear whether the results of the European Parliament elections will have any meaningful and lasting impact on financial markets beyond the early part of this week," Crédit Agricole strategist Frederik Ducrozet said.
"All in all, the EU/euro-zone governance might be little affected while any repercussions might be felt more on a domestic level where populist parties reached the highest scores," he added.
The euro initially lost some ground on the back of the results, but later strengthened again to $1.3625 against the U.S. dollar in early European trade.
"The surge in popularity from fringe parties may not translate to any imminent shift in policy and, as such, may not much alter market thinking on coming ECB policy," said Citigroup currency strategist Todd Elmer. He added that many investors also looked to have been shorting the euro ahead of the vote.
Elsewhere, as largely expected, Petro Poroshenko declared victory in Ukraine's presidential electionSunday after exit polls showed the pro-Europe chocolate tycoon won more than half the vote. Separatists, however, largely blocked voting in parts of the east.
Later in the morning, markets will be watching a speech by Mario Draghi in Portugal, for further indication of the extent of possible action the ECB might take at its next meeting in June.
In commodities markets, gold was 0.1% higher at $1,293.00, and Brent crude oil traded down 0.6% at $109.97 a barrel.
Write to Josie Cox at josie.cox@wsj.com
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