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The week started with nervousness, as outcome from Italy's election spooked market participants. Euro, which closed last Friday on stronger footing, facing tough headwinds today.
- Matteo Renzi, the Italian prime minister, suffered a setback in regional elections on Sunday, with his centre-left Democratic party losing a key governorship in the northwestern region of Liguria while populist parties producing strong performance.
- Although Mr Renzi's party won five of the seven regional posts that were being contested, the polls produced some unnerving outcomes. Mr. Renzi's party lost Liguira, to centre-right Forza Italia party, which is led by Silvio Berlusconi, the media mogul and former prime minister who resigned in 2011 amid sex scandals.
- Anti-euro, anti-immigrant Northern League performed better than Forza Italia in five of seven regional posts.
Defeat of pro-austerity and pro-Euro parties across European Monetary Union (EMU) certainly triggers alarms among European leaders, who are already having tough time since last year, when Greek people voted for Anti-bailout Syriza party to form government.
However, Italian general election is not due until 2018.
Italian yields have moved up, with benchmark 10 year yield is trading around 1.9% and Euro is currently trading around 1.092 against dollar.
