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5/29/2018, 5:33 PM (Source: TeleTrader)
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Europe ends sharply lower amid Italy political worries

European markets closed deep in the red with financials leading the losses as investors worried about the political situation in Italy after the country's President Sergio Mattarella appointed Carlo Cottarelli to lead the Italian government until the beginning of 2019. Cotarelli was picked to serve as interim prime minister after Mattarella blocked Giuseppe Conte from appointing a eurosceptic economy minister, which resulted in Conte's failure to form a government. However, the country could face snap elections in case lawmakers don't approve Cottarelli for the temporary post.

The FTSE MIB plummeted 2.68% as Banco BPM and Banca Generali dived over 6%, followed by Unicredit whose shares fell 5.61%.

Germany's DAX fell 1.53% as Deutsche Bank and Commerzbank tumbled 4.60% and 4.06%, respectively. In the UK, the FTSE 100 dropped 1.26%. The worst performer was NMC Health which plunged 4.98%. France's CAC 40 declined 1.29%. BNP Paribas sank 4.63% and AXA was down 4.06%.

The euro slid 0.66% against the dollar to go for 1.1549 at 5:40 pm CET on worries a snap election in Italy could result in the country leaving the Eurozone.

Breaking the News / NP