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May 18, 2018, 12:54 p.m. EDT

Italian stocks end sharply lower as country’s political drama weighs on Europe’s market

FTSE MIB loses 1.5%, Italian yields post biggest weekly rise since 2016

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By Sara Sjolin, MarketWatch

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What are strategists saying?

“Although we have to brace ourselves for significant noise, including clashes between Rome and Brussels, a truly disruptive crisis [in Italy] is probably not on the cards for now,” said Holger Schmieding, chief economist at Berenberg, in a note.

“However, if highly-indebted Italy loosens the fiscal reins and reverses some recent reforms such as the ‘Fornero’ pension reform, the country would become vulnerable to a debt crisis if and when the next cyclical recession exposes the country’s weaknesses,” he added.

Stock movers

Ferrari NV /zigman2/quotes/200586103/delayed IT:RACE -0.42% lost 0.9% after the car maker named Antonio Picca Piccon as new chief financial officer, effective July 30. He’ll take over from Alessandro Gili, who is leaving on May 31.

Glencore PLC /zigman2/quotes/201400686/delayed UK:GLEN +1.19%   /zigman2/quotes/209462106/composite GLCNF +1.90%  fell 4.4% after Bloomberg reported that the miner may face a formal bribery investigation over its business conduct in Congo.

Shares of Cie. Financière Richemont SA /zigman2/quotes/203783259/delayed CH:CFR -0.91%  slid 5.3% after the luxury-goods company reported full-year earnings.

“There has been much positivity in luxury post strong results across the space; therefore we see the higher-than-expected inventory buybacks, slight miss on underlying EBIT and lower-than-expected dividend as being slightly disappointing today,” said analysts at UBS in a note.

Shares of AstraZeneca PLC /zigman2/quotes/203048482/delayed UK:AZN -0.60%   /zigman2/quotes/200304487/composite AZN +0.92%  dropped 2% after the pharma giant reported core earnings that missed forecasts. Core operating profit—the company’s preferred measure, which strips out one-time gains and impairments—fell to $896 million from $1.67 billion a year ago.

Ubisoft Entertainment SA /zigman2/quotes/200990331/delayed FR:UBI -0.35%  jumped 4.5% after the French videogame maker reported full-year revenue ahead of forecasts.

/zigman2/quotes/200586103/delayed
IT : Italy: Milan
191.35
-0.80 -0.42%
Volume: 75,149
Oct. 18, 2021 11:47a
P/E Ratio
42.01
Dividend Yield
0.45%
Market Cap
€47.62 billion
Rev. per Employee
€759,392
loading...
/zigman2/quotes/201400686/delayed
UK : U.K.: London
395.20 p
+4.65 +1.19%
Volume: 8.69M
Oct. 18, 2021 10:53a
P/E Ratio
36.16
Dividend Yield
2.21%
Market Cap
£51.42 billion
Rev. per Employee
£765,499
loading...
/zigman2/quotes/209462106/composite
US : U.S.: OTC
$ 5.37
+0.10 +1.90%
Volume: 86,950
Oct. 15, 2021 3:59p
P/E Ratio
36.16
Dividend Yield
2.98%
Market Cap
$70.80 billion
Rev. per Employee
$981,641
loading...
/zigman2/quotes/203783259/delayed
CH : Switzerland: SWX
CHF 108.90
-1.00 -0.91%
Volume: 476,577
Oct. 18, 2021 11:52a
P/E Ratio
43.82
Dividend Yield
1.84%
Market Cap
CHF62.17 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203048482/delayed
UK : U.K.: London
8,742.00 p
-53.00 -0.60%
Volume: 196,279
Oct. 18, 2021 10:53a
P/E Ratio
41.19
Dividend Yield
2.31%
Market Cap
£136.25 billion
Rev. per Employee
£282,763
loading...
/zigman2/quotes/200304487/composite
US : U.S.: Nasdaq
$ 60.22
+0.55 +0.92%
Volume: 3.51M
Oct. 15, 2021 4:00p
P/E Ratio
42.04
Dividend Yield
2.27%
Market Cap
$187.59 billion
Rev. per Employee
$362,602
loading...
/zigman2/quotes/200990331/delayed
FR : France: Euronext Paris
45.72
-0.16 -0.35%
Volume: 65,041
Oct. 18, 2021 11:53a
P/E Ratio
56.00
Dividend Yield
N/A
Market Cap
€5.72 billion
Rev. per Employee
€109,417
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Sara Sjolin is a MarketWatch reporter based in London. Follow her on Twitter @sarasjolin.

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