Independent Strategy

A safe pair of hands

After a week and seven unsuccessful attempts to find common ground and elect a new President of the Republic to succeed the hugely popular Sergio Mattarella, the main Italian political party leaders have given up and have asked Mattarella to stay on for a second seven-year term. We remain short Italian sovereign bonds, as we are short Bunds, USTs and Gilts (new). We are also short the euro versus the US dollar.

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