Both Germany and France are in the throes of national political campaigns. In the first of two key European elections, French voters went to the polls Sunday to vote in the first round of the French presidential election. At this writing (Sunday afternoon), voter turnout was low in what has been a lackluster campaign. It is expected that the front-runners President Jacques Chirac and Socialist Prime Minister Lionel Jospin will move forward to a second round run-off in two weeks. The second election will take place in Germany in September where Chancellor Gerhard Schroeder's Social Democrats are being challenged. The winners will have substantial input into eurozone economic policy creation, which in turn could have a major impact on investors.

This coming week offers more economic data on the first quarter of 2002. Of importance are first estimates of British and U.S. gross domestic product. Although analysts expect the numbers to be strong, investors need to remember that recoveries do not proceed at one steady pace, but rather vary over time. The key to growth is its pervasiveness, not necessarily its speed.

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