Italian Referendum "No" Vote Is Not Necessarily All Anti-Establishment

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 as a result. Also see Italian Vote Next Test Of Global Populist…