Yesterday morning, Silvio Berlusconi denied rumours of his imminent resignation by posting an update to his Facebook page. This turned out to be a market moving event.
Mindful of this, Deutsche Bank’s Jim Reid suggests it might be a good idea to follow a few key players in the eurozone debt crisis:
2011 has been a year for unusual events in financial markets and one would have to say that learning that the Italian Prime Minister is not resigning via the medium of Facebook is another one. As markets stand completely at the whims of our political leaders/central bankers, maybe being Facebook friends with Berlusconi, Merkel, Sarkozy or perhaps Draghi is a more productive use of one’s time at the moment than trying to interpreting economic data or earnings releases.
Reid is probably half joking. But you can bet that Berlusconi probably got a couple of new Facebook friends since yesterday.