Europe Elections, Jobless Claims in Focus for Coming Week
NEW YORK (TheStreet) -- The French presidential election will get plenty of digital ink on Sunday, but it may not have much of an impact on U.S. markets in the coming week because Wall Street likely has priced in the expected victory of Francois Hollande over Nicolas Sarkozy.
What's more likely to roil equities is the drama at the polls in Greece, where the population is frustrated with both the socialist and conservative parties.
"That's why the Greek election is more important for the market, because what you may see is a template in Greece of citizenry just basically saying we don't want this austerity," said Quincy Krosby, Prudential Financial market strategist.
Brian Lazorishak, portfolio manager and quantitative analyst at Chase Investment Council, agreed that the market has already factored in a loss by Sarkozy, a development that complicates how the eurozone deals with its sovereign debt troubles because it's not clear how Hollande and German Chancellor Angela Merkel will work together.
"I think the French election is something people are talking about a little," Lazorishak said. "I'm not sure what kind of impact that will have on the U.S. markets. Certainly it's having one on Europe."