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EU indexes head north
On Monday, European stock indices rallied a bit, while market participants reacted to signs of receding tension between the United States and North Korea and also responded to renewed political issues in Italy.
Among the national indexes, Italian equities turned to be among the best in the early morning trading session, adding by up to 0.7% amid news of the stocking defeat of the country's populist political parties. In addition to this, Germany's DAX as well as France's CAC also traded a bit higher after the start of the trading session.
Moreover, it’s anticipated that the exchange holidays in the United States and Great Britain will make the trade illiquid as well as slow on Monday.
The leader of Italy's number one political party dared to call for the country's leader to be impeached after he made up his mind to veto the candidacy of the minister of economy. As a matter of fact, Luigi Di Maio of the "Five Star Movement" told that President Sergio Matarella should be blamed for the institutional crisis, neglecting the candidacy of Eurosceptics, Paolo Savona.
No key political group could eventually build up a majority in Italy after the March elections, thus leaving the eurozone's number three economy without a working government.
The common currency edged up on news, having soared up to 0.4% versus the evergreen buck on Monday morning and having noted surge against the majority of other currencies of large trading partners. Besides this, in the debt markets, the revenue of Italian 10-year sovereign bonds dived by 10 basis points, thus showing that market participants actually consider government bonds to be more attractive, while populist parties didn’t manage to meet their demands.
Meanwhile, the equities of utilities led the surge, adding by approximately 0.7% in the face of political uncertainty in Italy.
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Let’s look at main movements on the market.
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