The DAX Futures is trading at 12,677.50 up with +0.09% percent or +12.00 point .The FTSE 100 Futures is trading at 7,623.50 with a loss of -1.26% percent or -97.00 point. The CAC 40 Futures is trading at 5,438.06 with a loss of -1.29% percent or -70.87 point . The EURO Stoxx 50 Futures is trading at 3,420.00 up with +0.23% percent or + 8.00point.
TODAY’S FACTORS AND EVENTS
The worsening political crisis in Italy sent Asian markets lower on Wednesday, and European stock markets are also in red territory. The DAX has plunged 2.6% so far this week and is currently at its lowest level since May 2. The drama started on the weekend, when President Sergio Mattarella vetoed a ministerial pick of the two parties which were expected to form a coalition, the League Nord and the Five Star Movement. Mattarella rejected the suggestion of Paolo Savona as economic minister, given that Savona is a firm critic of the euro and supports Italy exiting from the eurozone. Predictably, the response from the two parties was harsh, with claims that Mattarella was a puppet of Germany and the EU, and there were even demands for his impeachment. The prime minister-elect, Giuseppe Conte, has given up his mandate to form a government, and Mattarella has invited Carlo Cottarelli, a former IMF economist, to form a temporary technocrat government. This could mean that Italy will hold another election in the fall, unless there are more political twists and turns in this crisis.
For the day the Dow is trading at 24,361.45 with a loss of -1.58% percent or -391.64 point. The S&P 500 is trading at 2,689.86 with a loss of -1.16% percent or -31.47 point. The Nasdaq Composite is trading at 7,396.59 with a loss of -0.50% percent or -37.26 point.
In other parts of world, Japan’s Nikkei 225 is trading at 22,018.52 with a loss of -1.52% percent or -339.91 point. Hong Kong’s Hang Seng is trading at 30,012.90 with a loss of -1.55% percent or -471.68 point. China’s Shanghai Composite is trading at 3,041.64 with a loss of -2.53% percent or -78.82 point. India’s BSE Sensex is trading at 34,852.64 with a loss of -0.27% percent or -96.04 point at 12:15 PM