“Europe is taking it on the chin today, the culprit seems pretty clearly to be Silvio Berlusconi and Italy, where market sare getting crushed, thanks to his desire to return to politics, and Mario Monti’s resignation.
It’s debatable how big of a deal this is, really. Berlusconi has no chance of winning (per polls and pundits) and Monti was going to resign anyway, since elections are in the spring).
In his Sunday Start note, Morgan Stanley’s Joachim Fels has a different story in Europe that’s bringing him down. It doesn’t get as much attention as the flashy headlines, but it has to do with Eurozone leaders backtracking on the bigger efforts towards integration and common regulatory frameworks.
Says Fels:
What really drags me down, though, is the European political saga….”
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