Europe stocks drop as Italy’s Conte says he will resign

0
15


Associated Press


Italian Premier Giuseppe Conte addresses the Senate as Deputy-Premier Matteo Salvini holds a rosary while sitting beside him, in Rome, Tuesday, Aug. 20, 2019.

Europe stocks on Tuesday turned lower, as political risk re-emerged in the wake of Italian Prime Minister Guiseppe Conti resigning.

The Stoxx Europe 600












SXXP, +1.19%










 declined 0.5% to 371.94, with the Italian FTSE MIB












I945, +1.91%










 losing 0.8% to 20558.83.

Conte has told senators he is handing in his resignation because his right-wing coalition partner, the League party led by Interior Minister Matteo Salvini, has decided to yank its support for the populist government.

Conte said he will go later Tuesday to officially inform Italian President Sergio Mattarella of his decision. Mattarella, as head of state, could ask Conte to stay on and try to find an alternative majority in Parliament, or accept his resignation and see if some other leader can forge an alternative coalition.

Failing that, Mattarella could dissolve Parliament, setting the stage for a new general election as early as October.

Elsewhere, the German DAX












DAX, +1.29%










 fell 0.7% to 11638.67, the French CAC 40












PX1, +1.59%










 fell 0.7% to 5336.94 and the U.K. FTSE 100












UKX, +1.14%










 dropped 0.8% to 7130.95.

Focus stocks

French supermarket operator Casino Guichard-Perrachon












CO, +0.18%










 climbed 6.9% as it said it’s planning to sell 2 billion euros of assets, having already sold 2.1 billion euros.

Pandora












PNDORA, +14.06%










 shares rallied 10% in Copenhagen as the jeweler announced new restructuring measures after reporting a 50% profit drop in profit.

— The Associated Press contributed to this article



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here