Watch the video... After you do, you will not be questioning this. It is definitely a BOW, and a DEEP bow at that...
http://www.youtube.com/watch?v=S60U-hl35Gw
It’s not a bow....he’s kissing his ring
Go to 2:45 and listen to the Berlusca’s voice shouting: OBAMAAAAAA and then the queen gives a snotty shrug and look and says something.