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Global markets are in turmoil as Italy’s political crisis deepens

traderDavid Gray/Reuters

Global markets were shaken Tuesday by a deepening political crisis in Italy.
Italian bonds are selling off sharply, while demand for safer havens like US Treasurys and German bunds is rising.
Stocks across the world also taking a hammering, with banks in particular nursing big losses.

A deepening political crisis in the eurozone’s third-largest economy, Italy, is wreaking havoc in global markets Tuesday as assets across the board take a pounding on fears of renewed turmoil in the single-currency area.

Italian government bonds — known as BTPs — are the most obvious casualty of the political uncertainty, selling off sharply as investors look to move their money away from the troubled nation and into safer assets. The benchmark 10-year BTP has seen its yield increase 12% to 3.008% on Tuesday. That’s a high not seen since 2014.See the rest of the story at Business Insider

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