Italian Referendum "No" Vote Is Not Necessarily All Anti-EstablishmentMark Melin
In the wake of the Italian Referendum “No” vote, where an unusually large turnout rejected calls to consolidate power, the markets are rather tame, as if the vote was priced in, as Deutsche Bank suggested nearly two weeks ago. But is the overwhelming vote a rejection of the establishment or, as Morgan Stanley points out, a move to make the populist Five Star Movement a less probable winner in the next election? HSBC, for its part, thinks a snap election isn’t in the offing but considers political instability . . .
This content is exclusively for paying members.
If you are subscribed and having an account error please clear cache and cookies if that does not work email [email protected] or click Chat.