European markets start lower on Italian election

Montag, 05. März 2018 09:08

Stock markets in Europe started the Monday trading session lower following the Italian general election, with preliminary results pointing to a hung parliament, meaning that no single party or alliance got over the threshold of 40% needed to form the government. The populist Five Star Movement is expected to be the best-performing individual party, taking around the third of all votes. Meanwhile, the Eurosceptic, anti-immigrant Northern League is projected to take more than 17% of the vote, while together with its coalition partners, the center-right Forza Italia and two other parties, it is expected to win around 37% of the votes.

The FTSE 100 started the session little changed, rising just 0.04%, while the DAX opened 0.53% lower to reach the lowest level in almost a year, with ProSiebenSat media company the worst performer. Meanwhile, the main French index CAC 40 lost 0.36% at the opening bell, with AXA insurance company leading the losses. The Italian FTSE MIB plunged 1.38% at the start, with Mediaset dropping the most.

The euro was 0.32% lower against the dollar, selling for 1.2292 at 9:05 am CET, while the pound lost 0.13% versus the greenback, going for 1.3373 at the same time.

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Breaking the News / FH