Italy’s Populists Outperform Established Parties in Sunday’s Election

Italy’s anti-establishment groups surged in Sunday’s election as voters punished the mainstream parties for years of economic decline, rising taxes and a wave of immigration, casting doubt on the country’s future political direction.Projections based on ballot-counting on Monday morning suggested the two forces with the most gains, the euroskeptic Five Star Movement and the anti-migrant League, could reach a majority in at least one of the houses of the Rome-based parliament should they join forces. The two parties could have a majority of about 345 seats combined in the 630-strong lower house, according to projections from RAI television.That would first require the League to break its electoral pact with the other center-right parties. After that, weeks of horse-trading would be needed before a new government could be appointed, creating uncertainty in markets throughout the European Union.

Source: Italy Populists Break Establishment Grip, Quest for Power Opens – Bloomberg

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam