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Today's Markets - May 22, 2012

European equity markets are continuing to stabilise this morning as Greece and the upcoming elections are temporarily fading a little bit in the background and instead all eyes are on tomorrow’s EU summit.

Today's Markets - May 22, 2012
In typical fashion very similar to what we have seen several times over the past two years since the onset of the European financial crisis markets are moving to the upside ahead of important gatherings of politicians and central bankers in anticipation that the meeting might just yield something in regard to stimulate growth and containing the European financial crisis. Of course if politicians indeed can deliver is a different matter. Further support is arising out of China where the government seems increasingly determined to take up measures which are expected to stabilise growth in the world’s second biggest economy.

The EU summit will also be the first real and direct face off between German Chancellor Merkel and recently elected French President Hollande, with the later expected to revive discussions about Euro-zone bonds, which Merkel so far has firmly rejected. Now that the formerly dominating alliance Merkel-Sarkozy is a thing of the past, it will be interested to see if Merkel can hold on to her dominating position within the Euro-zone and continue to push tough austerity measures or if Hollande will find backers who support his calls for measures to be taken to stimulate economic growth by an increase in spending. Of course a ‘divided’ Euro-zone is not necessarily a good thing, possibly preventing the Euro-zone from acting in a swift and determined manner should the financial crisis intensify.

Markus Huber - Head of German HNW Trading - ETX Capital

Mardi 22 Mai 2012

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