Bulletin
Investor Alert

New York Markets Close in:

Europe Markets Archives | Email alerts

Aug. 20, 2019, 10:43 a.m. EDT

Europe stocks drop as Italy’s Conte says he will resign

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    STOXX Europe 600 Index (SXXP)
  • X
    FTSE MIB Index (I945)
  • X
    DAX (DAX)

or Cancel Already have a watchlist? Log In

By Steve Goldstein, MarketWatch


Associated Press
Italian Premier Giuseppe Conte addresses the Senate as Deputy-Premier Matteo Salvini holds a rosary while sitting beside him, in Rome, Tuesday, Aug. 20, 2019.

Europe stocks on Tuesday turned lower, as political risk re-emerged in the wake of Italian Prime Minister Guiseppe Conti resigning.

The Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP +1.11%  declined 0.5% to 371.94, with the Italian FTSE MIB /zigman2/quotes/210598024/delayed IT:I945 +1.13%  losing 0.8% to 20558.83.

Conte has told senators he is handing in his resignation because his right-wing coalition partner, the League party led by Interior Minister Matteo Salvini, has decided to yank its support for the populist government.

Conte said he will go later Tuesday to officially inform Italian President Sergio Mattarella of his decision. Mattarella, as head of state, could ask Conte to stay on and try to find an alternative majority in Parliament, or accept his resignation and see if some other leader can forge an alternative coalition.

Failing that, Mattarella could dissolve Parliament, setting the stage for a new general election as early as October.

Elsewhere, the German DAX /zigman2/quotes/210597999/delayed DX:DAX +0.86%  fell 0.7% to 11638.67, the French CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 +0.90%  fell 0.7% to 5336.94 and the U.K. FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX +2.04%  dropped 0.8% to 7130.95.

Focus stocks

French supermarket operator Casino Guichard-Perrachon /zigman2/quotes/203038848/delayed FR:CO +1.56%  climbed 6.9% as it said it’s planning to sell 2 billion euros of assets, having already sold 2.1 billion euros.

Pandora /zigman2/quotes/205851124/delayed DK:PNDORA +0.95%  shares rallied 10% in Copenhagen as the jeweler announced new restructuring measures after reporting a 50% profit drop in profit.

<STRONG>— The Associated Press contributed to this article</STRONG>

/zigman2/quotes/210599654/delayed
XX : STOXX
374.88
+4.12 +1.11%
Volume: 0.00
Aug. 12, 2020 5:50p
loading...
/zigman2/quotes/210598024/delayed
IT : Borsa Italiana
20,437.36
+228.25 +1.13%
Volume: 0.00
Aug. 12, 2020 5:35p
loading...
/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
13,058.63
+111.74 +0.86%
Volume: 62,437
Aug. 12, 2020 6:30p
loading...
/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
5,073.31
+45.32 +0.90%
Volume: 76,792
Aug. 12, 2020 6:05p
loading...
/zigman2/quotes/210598409/delayed
UK : FTSE UK
6,280.12
+125.78 +2.04%
Volume: 651,724
Aug. 12, 2020 4:59p
loading...
/zigman2/quotes/203038848/delayed
FR : France: Euronext Paris
25.40
+0.39 +1.56%
Volume: 309,954
Aug. 12, 2020 5:35p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
€2.69 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/205851124/delayed
DK : Denmark: OMX
kr. 436.80
+4.10 +0.95%
Volume: 479,843
Aug. 12, 2020 4:59p
P/E Ratio
19.43
Dividend Yield
2.06%
Market Cap
kr.40.21 billion
Rev. per Employee
kr.712,687
loading...

Steve Goldstein is MarketWatch markets editor for Europe. Follow him on Twitter: @MKTWgoldstein.

This Story has 0 Comments
Be the first to comment
More News In
Markets

Story Conversation

Commenting FAQs »
Link to MarketWatch's Slice.