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Minyanville's T3 Morning Market Call: Futures Recovering From Sharp Losses Following European Election Results


The US economic calendar is nearly empty today.

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S&P futures were down as much as 20 handles last night following election results in Greece and France, but have pared much of those losses this morning and are down only five at 8:30 a.m. ET. Greek voters punished the established pro-bailout political parties, installing a fractured legislative body complete with neo-Nazis and Communists. In France, victory for socialist candidate Francois Hollande, an opponent of austerity, was not unexpected, but still his relationship with leadership in fellow European power Germany remains untested.

The muddled results in Greece were of particular concern to investors, and Greek stocks have tumbled 6.5% after the news broke. The collection of parties will try to get together to form a coalition government, but it may be difficult with such disparate ideologies. Greece's future in the eurozone is now cloudy at best.

Outgoing French President Nicolas Sarkozy had developed a great working relationship with German Chancellor Angela Merkel, so his ouster only adds to the air of uncertainty on the continent. His replacement focused his campaign on Wall Street, saying his real enemy was not Sarkozy, but the world of finance.

The US economic calendar is nearly empty today, a change from last week's flurry of numbers that kicks off each month. Oil futures continue to tumble, with Nymex crude falling $0.62 to $97.87. Gold futures also fell overnight.

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