Over this weekend, Italy will vote on a referendum that, if passed, will give the government sweeping powers to enact radical change. According to the latest polls, the referendum is expected to fail -- which might then pave the way for the nationalist Five Star Movement party to form a government -- who literally hate the EU.
Update: The market was modestly spooked as Transport Minister Delrio appeared to confirm Renzi's resignation will occur on a 'no' vote...
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Did Jeff Gundlach do it again? Shortly after the DoubleLine manager told Reuters yesterday afternoon that the Trump rally is ending, that "stocks have peaked" and that it is "too late to buy the Trump trade", US stocks tumbled to session lows, and have continued to drop overnight, with S&P futures down 0.3%, alongside sliding Asian and European markets; oil and the dollar are also down with the only asset class catching a bid are 10Y TSYs, whose yields are lower at 2.43% after reaching an 18 month high of 2.492% overnight ahead of today's nonfarm payrolls report.
Submitted by Nick Giambruno via InternationalMan.com,
It was the one moment that convinced Hitler suicide was better than surrendering.
On the morning of April 29, 1945, the bodies of Italian dictator Benito Mussolini and his mistress were dumped like garbage into Milan’s Piazzale Loreto.
A large mob of Italians quickly gathered. They pelted the former leader’s corpse with vegetables. They spat on it. They urinated on it. Some even emptied their pistols into his lifeless body.
Earlier today we reported that according to Reuters sources, the ECB was preparing for a Brexit deja vu, and was preparing to "temporarily step up purchases of Italian government bonds if the result of next Sunday's crucial referendum "rocks markets" and sharply drives up borrowing costs for the euro zone's largest debtor."