Share This Article

Facebook LinkedIn
Twitter Reddit
Print Email
Pinterest Gmail
Yahoo
Money Morning
×
  • Invest
    • Best Stocks to Buy
    • Stock Forecasts
    • Stocks to Sell Now
    • Stock Market Predictions
    • Technology Stocks
    • Best REITs to Buy Now
    • IPO Stocks
    • Penny Stocks
    • Dividend Stocks
    • Cryptocurrencies
    • Cannabis Investing
    • Angel Investing
  • Trade
    • How to Trade Options
    • Best Trades to Make Now
    • Options Trading Strategies
    • Weekly Trade Recommendations
  • Retire
    • Income Investing Guide
    • Retirement Articles
  • More
    • Money Morning LIVE
    • Special Investing Reports
    • Our ELetters
    • Our Premium Services
    • Videos
    • Meet Our Experts
    • Profit Academy
Login My Member Benefits Archives Research Your Team About Us FAQ
  • Invest
    • Best Stocks to Buy
    • Stock Forecasts
    • Stocks to Sell Now
    • Stock Market Predictions
    • Technology Stocks
    • Best REITs to Buy Now
    • IPO Stocks
    • Penny Stocks
    • Dividend Stocks
    • Cryptocurrencies
    • Cannabis Investing
    • Angel Investing
    ×
  • Trade
    • How to Trade Options
    • Best Trades to Make Now
    • Options Trading Strategies
    • Weekly Trade Recommendations
    ×
  • Retire
    • Income Investing Guide
    • Retirement Articles
    ×
  • More
    • Money Morning LIVE
    • Special Investing Reports
    • Our ELetters
    • Our Premium Services
    • Videos
    • Meet Our Experts
    • Profit Academy
    ×
  • Subscribe
Enter stock ticker or keyword
×
5 Ways to Beat the Fed (and Crush Inflation)

Email this Article

Send with mail | ahoo instead.
Required Needs to be a valid email
Required Needs to be a valid email
Markets Quickly Move Past Sunday's Italian "No" Vote On Constitutional Reforms
http://mney.co/2gXYqN5
Required Please enter the correct value.
Twitter

Markets Quickly Move Past Sunday's Italian "No" Vote On Constitutional Reforms

By Jim Wyckoff, Money Morning • December 5, 2016

Start the conversation

Comment on This Story Click here to cancel reply.

Or to contact Money Morning Customer Service, click here.

Your email address will not be published. Required fields are marked *

Some HTML is OK

(Kitco News) - Sunday's much-anticipated Italian referendum on constitutional reforms produced a "no" vote by an overwhelming margin. Italy's prime minister immediately resigned. Many markets initially were gyrated on the news, but quickly settled down. The government-backed no-vote was not unexpected by the market place. Still, this latest development is another sign of the insecurity of the European Union and the growing potential for continued fragmentation of the EU. The Italian vote was especially worrisome to the European banking and financial sector.

The Euro currency initially slumped to a 20-month low on the Italian no-vote, but quickly recovered those losses to trade higher on the day. European stock markets were mostly higher Monday. This was a classic "sell the rumor, buy the fact" scenario, as European stock markets had seen selling pressure heading into Sunday's Italian vote.

Asian stock markets were mostly lower Monday, mainly on worries about how the European markets would react to Sunday's vote. U.S. stock indexes are pointed toward higher openings when the New York day session begins.

Gold prices did fluctuate in the immediate aftermath of Sunday's Italian referendum vote, but then sold off when it became apparent the marketplace would not be rattled by the event.

The Euro zone did get some upbeat economic data Monday, as its Markit purchasing managers index (PMI) came in at 53.9 in November from 53.3 in October. That was the highest reading in almost a year. Also, Euro zone retail sales were up 1.1% in October, month-on-month, and were up 2.4%, year-on-year. The monthly rise was the largest in over two years. This upbeat EU data helped to mitigate the Italian no vote.

20161205_crude-oil

The key "outside markets" on Monday see the crude oil market higher, with Nymex futures hitting a six-week high, on follow-through strength after prices last week gained 12% in value. Meantime, the U.S. dollar index is trading lower today on another corrective pullback from recent gains. The greenback bulls still have the near-term technical advantage as U.S. dollar index prices recently hit a 13-year high.

U.S. economic data due for release Monday includes the U.S. services PMI, the ISM non-manufacturing report on business, the employment trends index, and the global services PMI.

Spot gold on Kitco.com has managed to bounce off its overnight lows, but the market is struggling to hold on to gains, trading between a high at $1,178.50 an ounce and a low at $1,161.80 an ounce.

20161205_gold

By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com
Follow Jim Wyckoff @jimwyckoff breaking market news.

Join the conversation. Click here to jump to comments…

Login
guest
guest
0 Comments
Inline Feedbacks
View all comments
LIVE
Visit Money Morning Live


Latest News

January 19, 2023 • By Money Morning Stock Research Team

These Stocks Could Go To $0

January 9, 2023 • By Money Morning Stock Research Team

The Government Is Pouring $391 Billion Into These Stocks - Buy Now

December 27, 2022 • By Money Morning Staff Reports

6 IPOs in 2023 You Can’t Afford to Miss
Trending Stories
ABOUT MONEY MORNING

Money Morning gives you access to a team of market experts with more than 250 years of combined investing experience – for free. Our experts – who have appeared on FOXBusiness, CNBC, NPR, and BloombergTV – deliver daily investing tips and stock picks, provide analysis with actions to take, and answer your biggest market questions. Our goal is to help our millions of e-newsletter subscribers and Moneymorning.com visitors become smarter, more confident investors.

QUICK LINKS
About Us COVID-19 Announcements How Money Morning Works FAQs Contact Us Search Article Archive Forgot Username/Password Archives Profit Academy Research Your Team Videos Text Messaging Terms of Use
FREE NEWSLETTERS
Total Wealth Research Power Profit Trades Profit Takeover This Is VWAP Penny Hawk Trading Today Midday Momentum Pump Up the Close
PREMIUM SERVICES
Money Map Press Home Money Map Report Fast Fortune Club Weekly Cash Clock Night Trader Microcurrency Trader Hyperdrive Portfolio Rocket Wealth Initiative Extreme Profit Hunters Profit Revolution Warlock's World Penny Nation Quantum Data Profits Live Trading Alliance Trade The Close Inside Money Trader Expiration Trader Vega Burst Trader Flashpoint Trader Darknet Hyper Momentum Trader

© 2023 Money Morning All Rights Reserved. Protected by copyright of the United States and international treaties. Any reproduction, copying, or redistribution (electronic or otherwise, including the world wide web), of content from this webpage, in whole or in part, is strictly prohibited without the express written permission of Money Morning.

Address: 1125 N Charles St. | Baltimore, MD, 21201 | USA | Phone: 888.384.8339 | Disclaimer | Sitemap | Privacy Policy | Whitelist Us | Do Not Sell My Info

wpDiscuz