EWI
iShares MSCI Italy Capped ETFNYSEARCA
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  • Thu, Dec. 8, 5:08 AM
    • Italian Prime Minister Matteo Renzi has officially resigned after a bruising referendum loss at the weekend, with most parliamentary factions pushing for an early election in a few months' time.
    • Underscoring the financial risks that Italy faces, Moody's changed its outlook on the country's bond rating to negative from stable, citing slowing prospects for much-needed economic reform and the nation's debt burden.
    • ETFs: EWI, HEWI, DBIT
    | Thu, Dec. 8, 5:08 AM
  • Tue, Dec. 6, 2:49 AM
    • Matteo Renzi will remain in office for at least a week after Italian President Sergio Mattarella asked him to delay his resignation until the Senate passes his government's 2017 budget.
    • Mattarella also signaled that he won't call snap elections in response to the referendum results, stating it was important for Italy's institutions to "respect commitments and deadlines" and it would take time to find the right solutions.
    • ETFs: EWI, HEWI, DBIT
    | Tue, Dec. 6, 2:49 AM | 6 Comments
  • Mon, Dec. 5, 7:55 AM
    • A "sell the rumor, buy the news rally" has been snuffed out in Italian banks, with Unicredit (OTCPK:UNCFFdown 5.6% and currently halted.
    • Intesa Sanpaolo (OTCPK:IITSF) -3%
    • Mediabanca (OTC:MDIBF-3.9%
    • Banco Popolare (OTCPK:BPESY-7%
    • The FTSE MIB Index is down 1%, while the rest of Europe is in the green.
    • EWI -2.1% premarket
    | Mon, Dec. 5, 7:55 AM
  • Mon, Dec. 5, 5:37 AM
    • The people "have spoken in a clear and unequivocal way... we leave with no regrets," said Italy's Matteo Renzi, before he goes to President Sergio Mattarella to tender his resignation.
    • Among the biggest winners of the referendum is the anti-establishment 5 Star Movement, which has called for a nonbinding plebiscite on Italy's euro membership and might favor printing a parallel currency.
    • The nation has already seen 63 governments in just 70 years.
    • ETFs: EWI, HEWI, DBIT
    | Mon, Dec. 5, 5:37 AM | 1 Comment
  • Mon, Dec. 5, 3:05 AM
    • Italian Finance Minister Pier Carlo Padoan has canceled his trip to today's Eurogroup meeting in Brussels as the vacuum in Italian politics opens up.
    • European finance ministers are set to discuss immediate impacts from the country's referendum, which is likely to be felt most in the banking sector, as well as conclude a review of reforms in Greece and discuss ways of making its giant debt more manageable.
    • ETFs: GREK, EWI, HEWI, DBIT
    | Mon, Dec. 5, 3:05 AM | 2 Comments
  • Sun, Dec. 4, 5:20 PM
    • Stock index futures aren't trading yet, but currencies are, and the euro (NYSEARCA:FXE) has quickly tumbled by nearly 100 pips  as exit polls show a constitutional referendum backed by Prime Minister Matteo Renzi losing.
    • Renzi has vowed to resign if he loses. He's reportedly set to speak in about 40 minutes.
    • Unlike the Brexit vote and the U.S. election, an establishment loss in Italy was fairly widely anticipated, and Italian banks have been trending lower for several weeks.
    | Sun, Dec. 4, 5:20 PM | 172 Comments
  • Sun, Dec. 4, 4:00 AM
    • Italians are heading to the polls for a referendum on constitutional reform that could call the shots for global markets in the week ahead.
    • If the measures are rejected, Prime Minister Matteo Renzi would likely resign, further shaking Italy's vulnerable banks, the euro and possibly causing the next Brexit-like tremor for the markets.
    • The political instability would also represent a new setback for the EU, since Renzi's opponents are dominated by anti-establishment forces.
    • The polls opened at 7 a.m. local time and will close at 11 p.m. Exit polls will be released as soon as voting booths close, with a definitive result expected by about 1 a.m. on Monday.
    • ETFs: FXE, EUO, EWI, ERO, DRR, ULE, EUFX, URR, HEWI, DBIT
    • Related bank tickers: OTCPK:UNCFF, OTCPK:IITSF, OTCPK:IITOF, OTC:MDIBF, OTCPK:ISNPY, OTCPK:BPESY, OTC:UNCFY, OTCPK:MDIBY, OTCPK:BPESF
    | Sun, Dec. 4, 4:00 AM | 21 Comments
  • Fri, Dec. 2, 5:01 AM
    • Italy will hold a constitutional referendum on Sunday that has become a de facto vote on whether the Prime Minister Matteo Renzi should keep his job.
    • What's it about? The reforms would remove power from the Senate to enable laws to be passed quickly and efficiently.
    • The latest polls showing the overhauls are likely to be rejected has investors worried about a "financial meltdown" as Italy's shaky banking sector would have a tough time raising much-needed capital.
    • ETFs: EWI, HEWI, DBIT
    • Related bank tickers: OTCPK:UNCFF, OTCPK:IITSF, OTCPK:IITOF, OTC:MDIBF, OTCPK:ISNPY, OTCPK:BPESY, OTC:UNCFY, OTCPK:MDIBY, OTCPK:BPESF
    | Fri, Dec. 2, 5:01 AM | 37 Comments
  • Thu, Dec. 1, 2:44 AM
    • Appealing to the unions? Prime Minister Matteo Renzi has hiked public sector pay for the first time in seven years just days ahead of the Italian constitutional referendum on which he has staked his political future.
    • Public sector pay has been frozen since 2009, while Italy struggled to rein in its burgeoning public debt, the highest in the eurozone after Greece.
    • ETFs: EWI, HEWI, DBIT
    | Thu, Dec. 1, 2:44 AM | 2 Comments
  • Wed, Nov. 30, 2:57 PM
    • Italian shares have been under considerable pressure of late on concern about this weekend's referendum, but the FTSE MIB is far outperforming other indices today with a 2.25% advance.
    • Many are expecting a "no" vote, which could lead to the resignation of the prime minister, and even more pressure on the country's teetering banks.
    • The sharp reversal in Italian shares today (and yesterday) suggests perhaps a few are placing bets on a surprise outcome. MarketWatch notes EWI is ahead 1.8% today on sharply higher volume, and the $432M fund has seen $38M of inflows over the last week compared to nearly $400M exiting YTD.
    • Also on the move is the iShares Currency Hedged MSCI Italy ETF (HEWI +2.3%).
    | Wed, Nov. 30, 2:57 PM | 3 Comments
  • Tue, Nov. 29, 7:44 AM
    • To review, Italy (NYSEARCA:EWI) is set for a weekend referendum on constitutional reforms, and - like the Brexit vote, and U.S. election - the establishment forces might be headed for a loss. That would likely force out Prime Minister Matteo Renzi, and put the country's shaky banks on even shakier ground.
    • Sources at the ECB tell Reuters the central bank stands ready to temporarily boost its purchases of Italian government bonds, if necessary.
    | Tue, Nov. 29, 7:44 AM | 2 Comments
  • Mon, Nov. 28, 7:16 AM
    | Mon, Nov. 28, 7:16 AM | 8 Comments
  • Mon, Nov. 14, 4:38 AM
    • Italian Prime Minister Matteo Renzi may not stay on if his referendum on constitutional reform - that would reduce the role of the upper house Senate and cut the powers of regional governments - fails on Dec. 4.
    • "If I have to stay on in parliament and do what everyone else has done before me, that is, to scrape by and just float there, that does not suit me," he said in a radio interview.
    • Earlier this year the premier repeatedly said he would resign in the case of a defeat, but more recently, he has declined to confirm that outright.
    • ETFs: EWI, HEWI, DBIT
    | Mon, Nov. 14, 4:38 AM
  • Fri, Nov. 4, 2:31 PM
    • The Stoxx 50 (NYSEARCA:FEZshed 0.6% today, bringing its weekly loss to just under 4%. Nervousness ahead of next week's U.S. election makes for as good of an excuse as any, but there was also this week's U.K. court ruling which threatens to delay Brexit.
    • One might think a delay (possibly ultimately leading to a postponement) would be good for Europe, but an argument could also be made it just adds to the uncertainty.
    • Among individual bourses, Germany (NYSEARCA:EWGfell 4%, Spain (NYSEARCA:EWP) fell 4.5%, Italy (NYSEARCA:EWIfell nearly 6%.
    • ETFs: VGK, HEDJ, FEZ, IEV, EPV, EZU, FEU, EURL, DBEU, EEA, FEP, HEZU, UPV, IEUR, FEEU, ADRU
    | Fri, Nov. 4, 2:31 PM | 6 Comments
  • Sun, Oct. 30, 9:56 AM
    • A powerful earthquake struck Italy early Sunday in the same central regions that have been rocked by repeated tremors over the past two months, with more buildings brought down but no deaths immediately reported.
    • The quake, which measured 6.6 according to the U.S. Geological Survey, was bigger than one on Aug. 24 that killed almost 300 people.
    • Many people have fled the region since then, helping to avoid a new devastating death toll.
    • ETFs: EWI, HEWI, DBIT
    | Sun, Oct. 30, 9:56 AM | 6 Comments
  • Fri, Oct. 28, 5:12 AM
    • Italy has defended its rule-breaking 2017 budget to the European Commission, saying the migrant crisis, post-earthquake reconstruction and lower-than-expected growth were to blame, after tensions surfaced over its fiscal violations.
    • Brussels could reject the budget plan, but no decision is expected before a Dec. 4 referendum over PM Matteo Renzi's flagship constitutional reform.
    • ETFs: EWI, HEWI, DBIT
    | Fri, Oct. 28, 5:12 AM | 2 Comments
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