Another Dismal Monday in Europe
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Europeans stocks are on the ropes again to start this week, with the FTSE down close to 2 percent on Monday following elections in France and Greece. The election of Fancois Hollande, a socialist who opposes austerity, adds yet another question mark for the region. Considering that divisions in the region have been anything but minor, crowning a socialist leader in France does nothing but add to the uncertainty, and markets are reacting to this.
In Greece, the stock market sank 7 percent after voters punished the political parties responsible for tough austerity measures. The political stalemate between the conservative New Democracy and socialist PASOK raises concerns about the fate of the multibillion dollar international bailout.
iShares MSCI France Index EFT (NYSE: EWQ), which measures the performance of the French equity market, has sunk lower by 26.40 percent in the past 12 months. CurrencyShares Euro Trust ETF (NYSE: FXE), which tracks the EUR/USD exchange rate, is down 9 percent over the same period.
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In Greece, the stock market sank 7 percent after voters punished the political parties responsible for tough austerity measures. The political stalemate between the conservative New Democracy and socialist PASOK raises concerns about the fate of the multibillion dollar international bailout.
iShares MSCI France Index EFT (NYSE: EWQ), which measures the performance of the French equity market, has sunk lower by 26.40 percent in the past 12 months. CurrencyShares Euro Trust ETF (NYSE: FXE), which tracks the EUR/USD exchange rate, is down 9 percent over the same period.
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