Stock markets in Europe and North America are off to a strong start this week. US index futures, and the FTSE are up 0.4% while the Dax is up a screaming 1.5%. Italy's FTSE MIB is down 0.4%.
Weekend votes in Europe have been in focus overnight. Italian PM Renzi resigned after his reform package was crushed in a 59.1% to 40.9% massive defeat. The opposition Five Star party is now calling for national elections.
The Euroskeptics didn't run the table, however, as the pro-Europe candidate won in Austria's Presidential election. Traders have taken this to suggest it's not completely unravelling at the seams (yet) and that the establishment isn't going to roll over. An easing of political risk concerns has the euro trading higher this morning and gold lower.
Crude oil is up again today gaining 1.0% reaching it's highest level since the summer of 2015. Traders remain encouraged by the recent OPEC deal heading into its meeting with non-OPEC producers later this week. CAD is steady on the news with the street looking ahead to Wednesday's Bank of Canada meeting. Natural gas is up 2.9% as winter arrives. These gains could spark renewed interest in energy stocks today.
Today is the last day of Fed speakers before the blackout heading into next week’s meeting starts. Today’s group is not expected to rock the boat for December, but the number of hikes next year remains an open question. Services PMI figures may also attract some attention.