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Tue 29 May The turmoil over the failed Italian coalition , with the prospect of new elections in the autumn, has revived memories of the crisis which engulfed the eurozone over Greece. Investors have taken fright that Italy might effectively vote to leave the euro, sending markets and bond prices tumbling. And on top of that, there is concern over Spain , where the government faces a no confidence vote on Friday. Oh yes, and Italian consumer confidence was weaker than expected in May.
With all that, Italian bonds suffered their worst day since , with two year bond prices falling and yields surging more than basis points to 2. They have since recovered slightly to 2. The FTSE has fallen 1.
But the pound failed to benefit, remaining virtually flat against the euro and down 0. My appeal to all EU institutions: We are there to serve them, not to lecture them. The Dow Jones Industrial Average is down points or 0. US Treasury bonds, one of the perceived havens for investors in times of turmoil, have moved higher, with the 10 year yield conversely at the lowest level since April.
Spain 's yield spread widening to German bunds may not be as fast as Italy , but still takes year Spanish Bono yield to 1. More on dwnews full interview tonight at As the Italian crisis continues, billionaire financier George Soros is in a negative mood about the EU in a speech today:. Another "major" financial crisis may be looming and the EU faces an imminent existential threat, George Soros says https: In echoes of the euro crisis earlier this decade, these events could ultimately threaten the future of the EU, or at the very least, question it in its current form.
Whilst it is no surprise that Italian yields have soared and equities plunged as investors reprice the actual risk of holding Italian assets, this crisis has been on the cards for some time and shows how complacent financial markets have become in the era of quantitative easing. At the same time there has been a noticeable slowdown in growth across the EU this year which will also continue to weigh on sentiment towards both Italian and EU wide assets. Throw in heightened geopolitical risks in other parts of the world such as the US and Asia, rising interest rates and the reduction in central bank support through quantitative easing, then the outlook for financial markets is far less certain than over the past few years.
Short-term Italian bond yields, which move inversely to price, were set for their biggest one-day jump since , while Italian and wider euro zone banking stocks were set to suffer their worst day since August At the previous auction for this maturity the yield was negative at US markets are expected to open lower in the wake of the European declines, with the Dow Jones Industrial Average forecast to lose around points at the start of trading.
When asked about any ECB help for Italy he is quoted as saying: They might want to read them again. With markets transfixed on affairs in Italy and Spain amid a vote of no confidence for Rajoy , we are seeing a sharp shift into safe haven assets, driving the Japanese yen and gold prices higher in recent days. FTSE listed gold producers Fresnillo and Randgold are the best performers in the bluechip index in early trade amid a shift into gold.
We often see stocks benefit when currencies come under pressure, but the flight to safety this morning means the euro and the pound are also getting another pounding alongside the stock market declines. Today is a big day for Pret. It said Italy was likely to be downgraded if the next government pursued fiscal policies which were not sufficient to place the public debt ratio on a sustainable downward trajectory in the coming years. Its rating could be confirmed if there was an ambitious programme of structural reform by the next government.
We will conclude the review when we will have better visibility on the policy direction of the country, which means that the time frame for the review may exceed the typical period of up to three months. Not even during the Eurozone crisis did Italian yields rise so rapidly in just a few hours of trading. And yes, It is coming soon. The Function was held at the NSCI dome in Mumbai and was attended by more than dignitaries from across the country.
Hon'ble Chief Minister of Goa, Mr.
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