Italian Markets Tumble as Political Uncertainty Persists

Giuseppe Conte was last week named Italy’s next prime minister by a new coalition government led by Five Star now Italy’s largest party and the far-right League

South Korea's KOSPI .KS11 and Australia's S&P/ASX 200 slipped 2.0 percent and 0.5 percent, respectively.

Japan's Nikkei futures traded in Chicago pointed to a 1.4 percent fall in the Nikkei.

WALL STREET: Prices for USA government bonds surged as investors shifted money from stocks into lower-risk investments.

US 10-year Treasuries were yielding 2.817 percent in the Asian afternoon, edging up from the USA close of 2.768 percent, while S&P futures ESC1 rose 0.2 percent.

The Dow Jones Industrial Average fell 391.64 points, or 1.58 percent, to 24,361.45, the S&P 500 lost 31.47 points, or 1.16 percent, to 2,689.86 and the Nasdaq Composite dropped 37.26 points, or 0.5 percent, to 7,396.59. The Russell 2000 index fell far less than the Dow, giving up 0.2 per cent to 1,623.65.

The S&P 500 posted 7 new 52-week highs and 12 new lows; the Nasdaq Composite recorded 87 new highs and 48 new lows.

Italian markets fell sharply on Tuesday as protracted political uncertainty drove traders and investors to sell the country's bonds and stocks.

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European markets fear Italy's political turmoil.

"That being said, a heavy data calendar from Wednesday could shift some attention back to economic growth and monetary policy", said Jingyi Pan of IG.

Emerging market stocks.MSCIEF lost 1.2 percent, marking a new low point for the year, under continued pressure from a rising USA dollar for countries that often borrow in that currency.

The political crisis in Rome, and the threat to the euro project it represents, triggered a rush to traditional safe havens like USA debt, pulling down US 10-year Treasury yields and in turn spurring losses for USA banks. The euro sank to $1.1533 from $1.1537.

The 10-year Italian government bond yield jumped to 3.19% bond prices fell, compared to just under 2% around two weeks ago.

USA crude futures retreated 0.2 percent to $66.58 per barrel CLc1, extending losses into a sixth consecutive sessions.

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