The Greek election - New Democracy secured the win, but remains short of majority and PASOK is playing hard to get. Samaras wants to form government as soon as possible but PASOK is afraid of losing more votes if they become the support in the new government. In other words - more nosie will come from Greece, but the focus of the market will move to FOMC and EU Summit.

In France Hollande's Socialist secured absolutely majortity and that's probably the bigger story. Hollande can now fully play out his non-reform program - reducing pension age and keep pretending growth comes from heaven.

S&P open up +7 point and EURUSD is up 100 pips, but this will last less than 24 hours when market starts realising that NOTHING will change in Greece - and likewise the Greeks needs to realise there are no MoU renegosiating...

All in all - The Greek election became another Y2K event - it came and went almost unnoticed.

Coalition talks according to BBC: http://tinyurl.com/cb335cx

Safe travels,
Steen