Markets  |  February 26, 2013 13:30:00

Elections in Italy roiled markets life Parliamentary elections in Italy ended obstructions result. According to the Roman daily Il Messaggero the winner became "Nezvládnutelnost." Since the country after the election results found itself in an impasse, dramatic conclusions yet nevyvozujme. Wait for mutual discussions and proposals of political parties, with which Italy will come. Fate of the euro zone's third largest country and the huge players in the bond market will not be indifferent to European allies. Present results when no one gained an absolute majority in both houses of parliament needed to enforce its policies, but that is opposite to what the markets had hoped, but nothing about it is not definitely decided.The biggest shock is the success of the Movement five stars comedian Beppe Grill at the expense of the reformer Marie Monti. This gave the Italians know that they do not want to undergo further reform measures.

The unexpected election results immediately responded financial markets. They waited to the center-left party led by Bersani win a majority in the lower house (what i got) and in alliance with Mario Monti and the Senate (it failed). The Italian stock market index to these events fell by more than 4 percent, the Italian 10-year bonds fell by more than 3 percent, the euro fell against the dollar by 1.8 percent, the European bank index fell by 2.7 percent, the volatility index VIX, which measures the nervousness in the markets jumped by a staggering 34 percent, suggesting that the markets returned nervousness.This allows benefited gold (+2.2 percent) and Japanese yen, which has strengthened against the U.S. dollar by 2.5 percent.

This afternoon, the Fed chairman, the first of two days of Congressional hearings, which undergo a rigorous analysis of the controversial program of bond purchases central bank.
Just a week after the minutes of the last meeting of the Fed's monetary sent U.S. stocks into a tailspin a hint that the Fed could reduce incentives for the economy earlier than expected, and the next day after the stock market due to the result of the elections in Italy, investors will closely examine Bernanke's every word .
On Wednesday, Fed chief awaits the Financial Services Committee of the House of Representatives.

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