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5/28/2018, 2:13 PM (Source: TeleTrader)
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European stocks turn to losses amid Italy concerns

Following a strong start to today's session, markets in Europe turned to losses amid political worries in Italy after anti-establishment candidate for the prime minister of Italy, Giuseppe Conte, failed to form the country's next government after President Sergio Mattarella rejected his eurosceptic economy ministry pick Paolo Savona. Mattarella chose former IMF official Carlo Cottarelli to serve as interim prime minister until early 2019 when a new election is expected to take place.

Italy's FTSE MIB dropped 1.82% at 1:48 pm CET with financials leading the losses as all major banks, including Unicredit, Intesa Sanpaolo, UBI Banca and Mediobanca, tumbled over 4%. In Germany, the DAX declined 0.20% at 2:07 pm CET as Bayer and Commerzbank lost over 2%. France's CAC 40 fell 0.49% at 1:52 pm CET with Air Liquide, down 3.19% at 1:53 pm CET, as the worst performer.

Meanwhile, after dropping to a six-month low of 1.16350 against the dollar earlier in the session, the euro dipped 0.09% compared to the greenback to go for 1.1639 at 2:09 pm CET.

Breaking the News / NP