(Recasts with election result and euro and European share futures moves in Asian hours)
By Dhara Ranasinghe, Saikat Chatterjee and Alun John
LONDON/HONG KONG, April 25 (Reuters) - The euro failed to gain a boost from pro-EU centrist Emmanuel Macron re-election as France's president, and European share futures fell, as investors' fears about global growth outweighed their relief about far-right candidate Marine Le Pen's defeat.
Pan-region Euro Stoxx 50 futures fell 1.75% in Asia trading on Monday morning, alongside falls in U.S. futures and Asian shares.
The euro, which initially opened higher, fell 0.34% against the dollar to $1.07725, nearing its two year low hit last week, although it rose to a one month high on the pound.
With 97% of votes counted, Macron was on course for a solid 57.4% of the vote, interior ministry figures showed.
He is the first French head of state in two decades to win a second term, promising continuity in the bloc's second biggest economy at a time of heightened uncertainty unleashed by the war in Ukraine, surging inflation and the prospect of the rapid withdrawal of central bank stimulus.
Going into the election, investors had been concerned about Macron's relatively small poll lead over Le Pen, who favoured nationalising key industries, slashing taxes and cutting French contributions to the EU budget.
However, even though this outcome did not materialise, there were few signs of a relief rally for French and European assets in Asian hours.
"There is a lot for markets to worry about at the moment and that is trumping the effect of Macron's win," said Rob Carnell head of research for Asia Pacific at ING, pointing to U.S. stocks' poor performance on Friday and declines in U.S. futures on Monday, the COVID-19 situation in China and the absence of signs of a resolution to the war in Ukraine.
French stocks closed almost 2% lower on Friday, and the Euro Stoxx 600 closed down 1.8% as rate-hike jitters weighed on global stocks.
"Macron had also extended his poll lead in the days before the election so the outcome was not a huge surprise," Carnell added.
Bond markets were already moving in advance of the election, and the yield premium demanded by investors to hold French 10-year bonds versus European benchmark Germany -- a key barometer of relative risks -- fell to a three-week lows around 42 basis points on Friday as investors anticipated a Macron win.
Nonetheless they could be set to move further when they start trading later on Monday.
Kasper Hense, a senior portfolio manager at BlueBay Asset Management, said he expected the French/German yield gap to move 10 bps tighter, noting BlueBay had gone short Italian debt on a view that markets were "a bit complacent" ahead of the election.