Here's The Good News For Markets In The European Parliamentary Elections

REUTERS/Remo CasilliItaly's Prime Minister Matteo Renzi speaks during a confidence vote at the Senate in Rome February 24, 2014.

Europe held votes today for the European Parliament in Brussels and the big headline is going to be the strong showing for right-wing parties.

Indeed in France and the UK, Euroskpetic, rightist parties won big (the National Front and the UKIP respectively).

But from a markets perspective, the rise of anti-Europe parties is only one story.

The other story is that establishment parties did quite well in both Greece and Italy.

In Italy, the liberal party of Italian PM Matteo Renzi scored 40% of the vote, winning handily.

And in Greece, although the leftist SYRIZA party won the greatest number of votes, the coalition of New Democracy (conservative) and PASOK (traditional left) maintained a strong showing. As Nick Malkoutzis puts it, the current government has done enough to survive.

So while the Euroskeptic surge is an issue for the EU, in countries that are particularly vulnerable, the establishment parties are holding on.