Business in usual in Europe after no vote
by Brian Turner
Business was pretty much as usual in Europe the day after France voted to reject the European Union constitution on Sunday.
The vote did send the euro down 0.9 percent in relation to the US dollar, a 7-month low.
And, even though this was the expected outcome to the referendum and the effect on markets was not that great, eurozone bond prices fell and yields went up as the 10-year Bund rose 0.3 basis points to yield 3.319 percent.
Equities markets were up as analysts said that the lack of a constitution would not make that much of a difference to the way the European Union operates.
The FTSE Eurofirst 300 rose 0.5 percent to 1,106.79, while in Paris the CAC-40 closed at 4,134.87, up 0.1 percent.
The Turkish markets also seemed to take the results of the French election in stride as the president of the European Commission said that the outcome would not stall talks on Turkey’s application to join the EU.
The Turkish lira rose 0.3 percent in relation to the US dollar to 1.370, and the ISE National-100, Istanbul’s main stock index, advanced 2.2 percent to 24,977.78.
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