Romania Budget Woes Put Brakes on Post-Election Market Rally

Romania’s assets rallied after a centrist candidate defeated his nationalist opponent in the presidential election, but further market relief may be limited until the next government presents a plan to fix state finances.

The Black Sea nation’s currency and government bonds gained on Monday, and stocks also rose, after Bucharest Mayor Nicusor Dan’s victory over far-right leader George Simion promised to keep the country on a pro-European path. Sunday’s runoff was the culmination of months of turmoil — the gravest political crisis since the collapse of dictator Nicolae Ceausescu’s regime in 1989.