Oil fell sharply on Monday, extending losses from the previous session, after elections in France and Greece raised concerns about their ability to carry out further austerity measures and renewed worries the euro zone debt crisis may resurface.
Japanese stocks fell, with the Nikkei 225 (NKY) Stock Average heading for its biggest decline in six months, after a socialist was elected France’s president, raising concern austerity measures would be rejected in Europe.UPDATE: AFP:
The euro hit its lowest level in more than three months as the electoral defeat of ruling parties in France and Greece stoked fears about the fate of austerity policies aimed at ending the eurozone debt crisis. The single currency was changing hands at $1.2973 in morning trade, down from $1.3082 on Friday in New York, while the unit also fell against the Japanese currency, dropping to 103.57 yen from 104.50 yen on Friday. At one stage, the euro dipped to $1.2954, its weakest since late January, while also slumping to 103.22 yen.
Tokyo stocks dropped 2.60 percent in morning trade after Socialist Francois Hollande beat incumbent Nicolas Sarkozy.I EXPECT GOLD TO GO UP AND THE EURO TO CRASH.
THE LEFT FOR GOING BACKWARDS, AND THE RIGHT FOR FAILING TO UNITE.
IF OBAMA WINS/STEALS THE ELECTION, THEN THE WORLD ECONOMY WILL GO INTO A DEPRESSION.
I THINK THE ONLY WAY OBAMA WINS IS IF HE ATTACKS IRAN.
Nouriel Roubini @NourielGreece in political chaos while the recession becomes a depression. It looks like a train wreck leading eventually to default and exitUPDATE:
Hollande is a supporter of the kind of deeply entrenched socialist policies that continue to wreck Europe’s economies.
His election will advance not only France’s decline but the EU’s as well. Hollande has declared “the world of finance” to be his "real enemy", and will implement a top rate tax of 75 percent, increase public spending by €20 billion and significantly expand the size of the public sector.
For a country which hasn’t balanced its budget since 1974, that is a recipe for economic disaster.UPDATE: ROUND UP AT DONALD'S PLACE.
UPDATE: FRANCE HAS EUROPE'S LARGEST JEWISH POPULATION, BUT NOT FOR LONG, PERHAPS: MORE ARE LEAVING AND CONSIDERING BECAUSE HOLLANDE IS ALLIED WITH THE FRENCH ARABS.
MONDAY AM UPDATE: YAHOO/SKY: THE EURO-CRASH IS BACK!