Independent Strategy

Mario stepping up?

The Italian presidential election is looming and the current PM, Mario Draghi, is the leading contender. While his appointment to Head of State would be a longer-term positive for Italy, the jockeying for position to replace him as PM and the uncertainty that any new government leadership could create — after the uncharacteristic stability of the PM Draghi period — means more volatility for Italian assets. We remain short BTPs.

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