Wednesday, February 27, 2013

U.S. stock futures ignore European turmoil following Italian election.

The inconclusive Italian election, in which an anti-austerity comedian won the most votes, has sent Asian and European markets into turmoil. At midday in Europe, the main indices were uniformly lower, while yields on 10-year Italian bonds were +28 bps at 4.75%. However, U.S. stock futures were up premarket ahead of a two-day appearance by Ben Bernanke in Congress. Are investors banking on some soothing words about money printing?

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