European stocks and the euro pulled back today from highs touched after Emmanuel Macron's emphatic but well-flagged victory in France's presidential election.

Investors' focus shifted from politics to monetary policy after the victory for Macron. 

With the political risks that have dominated European markets in a year packed with elections seen receding, the European Central Bank is expected to have more room to tighten policy as the euro zone economic recovery gathers pace.  

Most European equities dipped, with French shares, which hit nine and a half-year highs on Friday, underperforming the wider market.

The euro also dipped against the dollar, having risen in early Asian trade to just above $1.10 when opinion polls signalled the scale of Macron's victory over anti-euro nationalist Marine Le Pen. 

It was a similar story in euro zone government debt markets.

The premium investors demand to hold French rather than German benchmark 10-year bonds narrowed to its tightest in six months as markets opened on Monday, but then reversed.

Macron's victory with his business-friendly vision of European integration ensured there was no repeat of the populist surges that saw Britain vote to leave the European Union and President Donald Trump elected in the US.

But the result was widely expected and analysts had forecast no major market moves. 

Meanwhile, on currency markets, the euro rose to a six-month high of $1.1024 in early Asian trade but last stood at $1.0959, down 0.4% on the day. 

The safe-haven Japanese yen, having earlier fallen to a seven-week low against the dollar, also changed course and was last up 0.1% at 112.56 per dollar.

Meanwhile, oil prices, which hit almost six-month lows last week on worries about a global glut of crude, edged up on prospects of output cuts agreed by the OPEC producers group and others could be extended. 

Brent futures rose 38 cents to $49.48 a barrel. 

Gold, often sought as a bulwark against risk, rose 0.3% to $1,231 an ounce. 

But copper prices fell 1.4% to four-month lows around $5,015 a tonne as Chinese trade data showed April imports of the metal dived 30% from a month earlier.