In terms of providing certainty, it’s hard to see how the Italian election outcome could have been worse.
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Australia’s leaders on Monday gathered to meet independent MPs for talks after the weekend election delivered the country’s first hung parliament in 70 years, the FT reports. Julia Gillard’s Labor government appeared marginally ahead of Tony Abbott’s opposition conservative coalition but the final outcome, which could take more than a week to determine, hinges on a handful of seats and talks with three independent MPs. The winners so far, says FT Alphaville, include resources stocks which have risen on expectations of an end to the proposed mining tax. The Australian dollar on Tuesday weakened further to 0.8884 US cents.
Take pity on Republican Congressman Mario Diaz-Balart.
The man in charge of Florida’s 25th congressional district has just been singled out by Deutsche Bank as the US Congressional representative with the hardest-hit constituency in terms of mortgage arrears. Diaz-Balart, it seems, is running a district where a third of mortgages are seriously delinquent. Read more
UK government bonds and sterling fell early on Friday as investors worried about the prospects for economic recovery under a hung parliament and contagion affects from the US and Europe, the FT reported. Early optimism on the results from the UK general election faded as the FTSE 100 fell by more 1 per cent in opening trade after the sharp falls in US stocks, while gilts and sterling also remained under pressure from the European sovereign debt crisis.