In the second round of Sunday's French parliamentary election, the country's left-wing coalition won the most seats, beating back the right-wing National Rally. However, no party achieved an absolute majority in the National Assembly.

Bank of America head of European equity strategy Sebastian Raedler joins Morning Brief to give insight into how France's recent election affects global markets.

Raedler argues the election will not be a "main swing factor" for European equities: "You've got other things in play. For instance, what happens to the US macrocycle? What happens to the European macrocycle? What happens to US politics? And on a relative basis, these factors will now be far more important than this little French drama that we've lived through over the last three weeks."

He adds that European equities are at the bottom end of the consensus range: "We've got around 15% downside in an environment where generally everybody is bullish and everybody is bullish because the global economy helped by the US has been tremendously strong over the last two years," he tells Yahoo Finance.

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This post was written by Nicholas Jacobino