SCOREBOARD: European exhale

European markets rebounded somewhat after Italian fears abated, with a healthy demand for the country's bonds in place.

European markets bounced back last night, following what was a reasonable degree of, if not panic, then heightened concern the previous session. Now, magnitudes weren’t sufficient to offset the falls that we saw, but the moves are a good sign that we won’t see a repeat of the Greek election. You can’t rule that out obviously, but when the Dax is up 1 per cent, the CaC is 1.9 per cent higher and Italy’s index is up 1.8 per cent, it’s a good sign that it won’t. In any case creditors don’t seem too fussed by the result, probably because it’s been the norm for, oooh I don’t know – 67 years? I’d be spooked if the result wasn’t ‘uncertain’.

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