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Financial markets react positively to EP election results

Eurosceptic advances are not as bad as feared


Markets had feared even greater advances for Eurosceptic parties (Photo: Scanpix)

May 26, 2014
15:44

by Philip Tees


Børsen reports that the financial markets have responded positively to the results of the European parliamentary elections.

Relief
Frank Øland, a chief strategist at Danske Bank, was interviewed by Børsen TV. “There was maybe a bit of nervousness up to the election,” he said. “But now that we’ve got the result, the markets are taking a relieved breath in.”

He highlights the rise of Eurosceptic parties across the continent as being one of the points that had been causing concern.

Positive predictions
“Eurosceptics have advanced, but they aren’t in a position to have decisive influence. For example, Golden Dawn in Greece got 10 percent of the votes, but it could have been even worse,” he said.

The election of Poroschenko in Ukraine was also met with enthusiasm in the markets. Shares in Ukranian companies went up by 2-3 percent following the news.

Øland predicts that the stock market will climb by 5-10 percent over the next 3 months, depending on the outcome of the European Central Bank’s meeting next week.



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