The largest exchange-traded fund to track Italy’s equity market fell in premarket trading on Wednesday, as concerns grew over the country’s political situation. The iShares MSCI Italy ETF
lost 2.7% before the bell, dropping on volume of nearly 13,000 shares. The drop came as investors were spooked by a news report on a draft proposal from Italys two main populist parties to radically change the country’s relationship with the rest of Europe. The proposal would reportedly ask the European Central Bank to forgive $294 billion of Italian debt and renegotiate Italy’s contribution to the European Union’s budget. Despite the premarket move, the Italy fund remains up 9.7% for 2018, and it is up 17% over the past 12 months. Futures for the Dow Jones Industrial Average
dipped less than 0.1%, as did those for the S&P 500
were unchanged on the day.
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