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Pretty stunning.European markets have made quite a successful turnaround, starting the day noticeably lower, but then ending up solidly higher. Italy’s FTSE MIB gained over 1.2%.
France also gained over 1%.
What’s remarkable is not just that these gains came in the aftermath of Friday’s downgrade — which was, admittedly quite expected — but while the headlines out of Greece are still terrible. There’s no progress, it seems, on the debt restructuring front, and an analyst at S&P in Europe is out saying that he expects Greece WILL default shortly.
Nonetheless, nobody seems to care much; a state of affairs that’s defined the market in recent weeks, and which represents a dramatic turnaround from the way things were last October/November.