Cool Video: Bloomberg TV-Italy and Austria this Weekend

by
Marc Chandler
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I was on Bloomberg Television with Joe Wisenthal this afternoon. I explain what I have been suggesting for the past couple of weeks, namely that the Austrian presidential election this weekend is the third point in the populist-nationalist wave, not Italy.

The changes in the Senate are opposed by a broad array of forces in Italy, including many very pro-European elements, like former Prime Minister Monti, and members of Prime Minister Renzi’s own party. If Renzil does step down, not much changes. Another person from his party will likely replace him as he replaced Letta, who replaced Monti. There has been no election since Berlusconi. The 5-Star Movement, who wants to hold a referendum on  EMU, is not going to be swept into office next weeks.

Austria is a different story. There the polls show that the populist-nationalist candidate is likely to become the next president of Austria. Austria not Italy is the next point in the populist-nationalist wave. And just to look ahead a bit, while so many are focused on the French election next spring, the next point could very well be in the Netherlands, which holds elections before France. The populist-nationalist party is ahead in the polls.

About Marc Chandler

He has been covering the global capital markets in one fashion or another for more than 30 years, working at economic consulting firms and global investment banks. After 14 years as the global head of currency strategy for Brown Brothers Harriman, Chandler joined Bannockburn Global Forex, as a managing partner and chief markets strategist as of October 1, 2018.

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