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Italian Summer
Fears of a euro existential crisis are gathering momentum amid simmering political turmoil in Italy. President Mattarella proposition to form a technocratic government has been met with fierce opposition, suggesting new elections late in the Italian summer now look likely. Stevie Nicks’ song about love during a summer holiday in Italy, couldn’t be further from investor’s love for Italy at the moment. Italian equities and bonds have been sold sharply overnight, dragging the Euro to its lowest level since November last year. Core bond yields also traded lower, but given public holiday in the UK and US, it is hard ... (full story)