Italian Stocks On Precipice Of Bear Market As Tria Fails To Put Out Fire

Italian Finance Minister Giovanni Tria is in an unenviable position. He tried to convince Deputy PMs Matteo Salvini and Luigi Di Maio to respect E.U. budget concerns when setting fiscal targets, but they didn't listen. So here we are, two weeks after Italy's dynamic deputy duo decided on a 2.4% deficit target for 2019, and Italian assets are a mess. Financials are down some 33% since April, yields are surging and the nefarious "lo spread" has widened out beyond 300bps. Less than 24 hours aft