Government chaos weighs heavily on Italy’s stock market

MILAN (dpa-AFX) – The government crisis in Italy, which resumed on Thursday, recently rocked the Italian stock market somewhat. The Italian benchmark FTSE MIB fell 2.33% to 20,354.68 points around midday in an overall weak European market. Italian government bond prices came under pressure in the bond market, while ten-year bond yields rose relatively sharply.

After just 14 months in power, the populist alliance of the right-wing Lega and the five-star movement in Italy has likely collapsed. The Minister of the Interior and boss of Lega, Matteo Salvini, no longer sees a future for the government alliance and called for new elections on Thursday. Prime Minister Giuseppe Conte, for his part, has announced that he will contact the parliamentary presidents so that he can convene the chambers. Then Conte could face the vote of confidence in Parliament, which could end with his resignation.

The exact date of the meeting of the chambers was initially unclear. Parliament had just passed the summer recess. UK investment bank Barclays’ market observer Fabio Fois now believes a quick election is more likely than there could be an alternative government or reshuffle. A quick deal between the League and the five-star movement cannot be completely ruled out.

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