After huge losses in the previous session, international markets steadied overnight.
The FTSE was closed for a public holiday but the DAX (+0.1%) closed slightly higher whilst the French CAC (+1.7%) rallied strongly.
Speculation that European austerity measures will be curbed grew after Hollande’s victory made him the first Socialist to take the helm of Europe’s second-biggest economy in 17 years.
The Greek parliament will have three new anti-bailout parties represented.
Stateside, the Dow Jones gave up 30 points (-0.2%) to settle at 13009, but the broader S&P (+0.1%) and Nasdaq (+0.1%) closed in the green.
Banks were the best performers, after billionaire investor Warren Buffett said American lenders are in “fine shape.”
The Aussie dollar firmed and is now trading back above the US$1.02 handle, whilst the euro weakened to a more than three-month low.
Oil fell to a three-month low as the euro weakened against the dollar after European elections stoked speculation that austerity efforts will be derailed.
Crude gave up 0.6% to settle a US$97.90 a barrel, whilst copper (-0.6%) and gold (-0.4%) were also weaker.
Today’s session will bring us data in the form of the trade balance, slated for release at 11:30am, AEDT.