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Italy's new deficit target rattles European markets

Sep. 28, 2018 5:35 AM ETVGK, ADRU, FEZ, IEV, EWI, EZU, SPEU, FXE, ERO-OLD, URR, DRR, EEA, ULE, EUO, EPV, HEDJ, UPV, FEP, EUFX, FEEU, DBEU, EURL, IEUR, HEZUBy: Carl Surran, SA News Editor
  • European markets are weighed by political turmoil in Italy, where the new anti-establishment government proposed a 2019 budget with a much wider deficit than the previous administration’s target, setting up a clash with the European Commission.
  • The government late Thursday night offered a budget with a deficit of 2.4% of GDP for the next three years, in a defeat for its economy minister, who had sought a deficit set as low as 1.6% next year, hoping to respect European Union demands that Italy progressively cut the fiscal gap to trim its debt.
  • The full budget will be unveiled in October and will be scrutinized by the European Commission, which could reject it.
  • ETFs: FXE, VGK, EUO, HEDJ, FEZ, EWI, EZU, IEV, ERO, EPV, IEUR, EURL, DRR, FEU, ULE, DBEU, EUFX, HEZU, EEA, URR, FEEU, FEP, UPV, ADRU

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