Chance of a Le Pen Win Has Declined Substantially as First-Round Result Confirms Polls Accurancy
At the peak in mid-February, uranium miners (ETF ticker URA) were up by around 50% over a six-week period, driven by: 1) expectations of a global reflationary boom on the back of expected U.S. fiscal stimuli, along with an increase in Chinese/India infrastructure spending, the latter of which heightened expectations for a record build-out in Chinese/Indian nuclear power plants, 2) heightened optimism of more Japanese nuclear plant restarts, after a disappointing start late last year due to domestic legal challenges, and 3) most importantly, a January 10th announcement of a 10% output cut by the world’s number one uranium mining country, Kazakhstan, equating to an annual reduction of 2,000 tonnes, or about 3% of the world’s output.
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