Italy

With concerns that Italy may proceed with early elections as soon as January or February of 2017 slamming the Euro in early trading, which taking place so soon to the Renzi referendum would likely assure anti-establishment forces a victory (whether or not they can form a coalition cabinet is a different topic), moments ago Reuters reported that Italy's constitutional court said it would hold a hearing on the legitimacy of a new electoral law on Jan.

Update: it appears that early elections are indeed coming to Italy, which could be another major calendar event for Italy, and one which would have far more significant consequences for the political make up of the country should M5S win as many expect. From Reuters:

ITALY INTERIOR MINISTER, SPEAKING AFTER CONVERSATION WITH RENZI, SEES NEW ELECTIONS LIKELY IN FEBRUARY - CORRIERE DELLA SERA 

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On Sunday night, when we commented on the results of the Italian referendum, we said that while the Italian political limbo may or may not be an issue in the near term, a bigger problem for Italy will be the fate of Monte Paschi, whose 3rd bailout was likely doomed to failure after the failed referendum, which could unleash contagion upon the Italian banking sector at a very precarious time for Italy and Europe.

European and Asian markets rose, while U.S. index futures were little changed, with the Dow Jones Industrial Average pushing for yet another record, as traders digested the Italian referendum news, await the ECB's Thursday announcement and reflect in a notably quieter overnight session.  Oil slipped from a 16-month high after 4 straight days of gains, as doubts emerged about how OPEC will implement the first supply curbs in eight years. European bonds gained with stocks.

The defeat of Italy’s establishment Prime Minister is the latest sign that a tectonic shift is coming to the European order: toward accommodating, rather than countering, Russian President Vladimir Putin’s vow to destroy the globalist New World Order. Italians went to the polls on Sunday and voted down Prime Minister Renzi’s proposed changes that would have weakened the constitution, further eroded once proud sovereignty, and put nooses around Italian necks.