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Czech markets  |  January 17, 2013 11:37:16

New Czech president stock markets scare

Czech selector once again surprised himself when the second round presidential run-off sent a pair of candidates in an unexpected composition. Besides the expected procedure, former Prime Minister Milos Zeman got into the final battle, the Minister of Foreign Affairs Karel Schwarzenberg. The presidential election will come, therefore, in any case, a strong personality. (Source: CSOB)

Clash of the interesting by the fact that the result may suggest what is the balance of power in terms of right and left (although such CSSD Zeman expressed very reserved support).

The president is not as interesting as the premier

From the perspective of Czech economic policy, of course, the presidential election is not nearly as interesting as the events of the parliamentary elections, as President of the Czech Republic does not have decision-making powers (though such appoint the members of the CNB Bank Board) that could steer the country economically elsewhere.

We can not therefore expect that the outcome of the election could be reflected in the immediate view of investors in the Czech Republic. I can not even count on the fact that the results of the presidential elections could move prices Czech assets, such as a crown or government bonds.

Even so, presidential elections proved to be an interesting exploration of the views of Czech voters in about half of the electoral cycle. It has yet given the high turnout (61.3%) far more weight than, say, the Senate or the results of the parliamentary elections.

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