Emmanuel Grégoire secured 38% of the vote in yesterday's Paris mayoral first round, far ahead of conservative Rachida Dati's 25%, sparking an 89¢ collapse in bets on Grégoire's margin of victory. The markets had priced a close race—with radical left candidate Sophia Chikirou capturing 11.72% threatening to split the left-wing vote—but Grégoire's strong showing now makes him the overwhelming favorite for mayor. Centre-right Pierre-Yves Bournazel and far-right Sarah Knafo also advance to next week's runoff, with Chikirou demanding an "anti-fascist front" alliance. The market repricing reflects how definitively the election dynamics have shifted—margins that seemed competitive at 50¢+ yesterday now trade near zero as traders acknowledge Grégoire's commanding position heading into the March 22nd runoff.