After initial losses, European equity markets responded calmly to the outcome of the Greek parliament election where the leftwing Syriza party secured a decisive victory. New Greek prime minister Alexis Tsipras will form a coalition alliance with the right-populist party of “Independent Greek”. Both parties want to end saving measures imposed by the European Union, which will cause continued insecurities about the austerity course in the Eurozone.
Markets were supported by latest survey results from Munich-based institute Ifo. The business climate index, based on responds from about 7,000 companies in Germany, came in stronger than expected and showed the third improvement in a row. The sentiment gauge advanced to 106.7 in January, the highest since half a year, up from 105.5 at the end of last year. Lower energy costs and a weaker Euro had a positive impact. Today, we are expecting the US consumer confidence index.
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