Leak of Italian government programme rattles financial markets
Leak of Italian government programme rattles financial markets
The political upheaval in Italy doesn’t pose a systemic risk according to Bluebay’s David Riley
17 May, 2018, 18:04
Luigi Di Maio of the anti-establishment Five Star Movement and Matteo Salvini of the anti-immigrant League met on Thursday morning to review sections on the European Union, deficit spending, a flat tax and immigration, a Five Star official said.
5-Star's parliamentary party leader Danilo Toninelli told state television Rai: "The only way to get a serious government is to return to the polls".
The dollar stood tall against a basket of currencies on Thursday, as the euro retreated to a five-month low on concerns the political developments in Italy could cause wider disruptions in the common currency bloc.
Mattarella has said if political leaders can't form a coalition he'll appoint a non-political person to lead Italy to an early election by year's end.
Fed up with the country's long, seemingly irreversible economic decline, persistent high unemployment and a refugee and migrant crisis, Italy's voters turned on the political centre that has governed (or failed to govern) Italy since the 1980s.
"They are preparing excuses if they can not maintain all their promises, so they want to unleash a battle against the European Union", said Andrea Romano, a lawmaker from the centre-left Democratic party.
"I'm still sceptical on the euro, there is a lot of headline risk", Saxo bank's Hardy said, adding the worry for lira was that investors will bolt even before they know Erdogan's post- election plans.
Mr. Di Maio said he understood that an alliance of the 5-Star Movement and the League may "scare a part of the European establishment".
While Five Star's Di Maio's programme is compared to a child's picture book (above), Italian President Sergio Mattarella is pictured (below) in imagined consultations with potential coalition partners.
"There will be utmost dialogue with Europe, but we will not be subordinate to Eurocrats", he said.
Italian stocks tumbled 2.3 per cent while Italy's 10-year bond yield jumped almost 19 basis points to 2.13 per cent.
On Tuesday, the League said it was ready to wage war on the European Union budget rules and put "Italians first".
5-Star and the League said in a statement that the draft, which was dated 14 May, was "an old version that has been considerably modified".
This would be the first time the 5-Star Movement has had a government role higher than the municipal level. But both said they haven't gotten to that point yet.
Berlusconi has refused to govern with the 5-Stars, who he regards as "more unsafe than communists".
"The big turnaround was the Japanese yen, there is clearly big time (U.S. vs Japan) rate sensitivity there", said Saxo Bank's head of FX strategy John Hardy. Di Maio has pledged to guarantee a minimum income to the unemployed. Each party plans to consult its supporters over the weekend to see if they back the nascent government pact.
"A markedly Eurosceptic prime minister.as well as concrete support for the introduction of a parallel currency (so-called "Minibots"), would be major negatives, in our view", a note from Credit Suisse argued on Wednesday.
Customer traffic was 0.8-percent higher during the quarter, slower than the 1.5 percent growth during the same period a year ago. Walmart stock closed Tuesday at $84.52, down 3.7% year to date and up 3.1% since trading as low as $81.95 on May 11.
Software-wise, the OnePlus 6 comes powered by Android 8.1 Oreo, topped with the latest version of OnePlus' unobtrusive OxygenOS. It's a similar look to the notch that debuted on Apple's iPhone X and that has since cropped up on numerous other smartphones.
Although marijuana arrests dropped during de Blasio's tenure, there were still over 17,000 arrests in 2017. Cuomo, who has opposed it, said moves by surrounding states to legalize have changed the equation.
Embassy in Jerusalem has enraged the Palestinian Authority, as well as militant group Hamaz, which has ties to Iran and Hezbollah. In addition, the sanctions reject the "false distinction" between the group's political and military wings.
Syed was jailed in 1999 for the murder of ex-girlfriend Hae Min Lee and has been serving a life sentence ever since. The case has been subject to renewed global attention since it was the focus of the popular Serial podcast in 2014.
Union minister Prakash Javadekar promptly dismissed the JD-S charge, calling it "imaginary". "We have no issue with the governor". Congress Karnataka unit president G Parmeshwara, however, reasserted that all the Congress MLAs were with the party.
That was unthinkable back then, even for me". 'The only problem is that my life has been organised for me for 23 years. That was his 176th cap for Italy - a national record - since his debut against Russian Federation in October 1997.
U.S. crude oil inventories decreased in the week to May 11, and the refining sector increased 149,000 barrels per day, the U.S. US crude stockpiles slipped for a second week as the summer driving season approaches, government data showed on Wednesday.
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