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Bank of Italy governor says no ‘justification’ for market selloff

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ROME: Bank of Italy governor Ignazio Visco said Tuesday’s market selloff was unjustified, as bond yields spiked and the stock market declined on the political uncertainty tied to a fresh round of elections in Italy later this year.


The selloff “is very serious”, Visco said at the central bank’s annual assembly in Rome.


”There are no justifications — except for emotions — for what we’re seeing today on the markets.”


Italy’s stock market declined more than 2 per cent and the closely watched gap between Italian and German 10-year bond yields widened by more than 80 basis points in the morning. — Reuters


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