· European markets were mixed Wednesday morning, amid a deepening political crisis in the euro zone's third-largest economy.
The pan-European Stoxx 600 was flat during early morning deals, with sectors and major bourses pointing in opposite directions.
· Asian stocks extended a global sell-off on Wednesday as Italy’s political crisis rippled across financial markets, toppling the euro to a 10-month low, pushing up borrowing costs for Rome and sending investors into safer assets such as U.S. Treasuries.
MSCI’s broadest index of Asia-Pacific shares outside Japan tumbled 1.4 percent, while Japan’s Nikkei average sold off 1.5 percent to a six-week low.
· Japan’s Nikkei share average tumbled to six-week lows on Wednesday after political turmoil in Italy sparked concerns over the stability of the euro zone, hitting financial and exporter shares in particular.
The Nikkei ended 1.5 percent lower to 22,018.52, after falling to a six-week low of 21,931.65.
· On a daily chart, the Nikkei 225 closed below recent previous lows as it consolidated around the 23.6% Fibonacci retracement level at 22,397. The index has now resumed its decent as it falls further away from a rising trend line that dates back to late-March. However, the Nikkei 225 is sitting right on top of the 38.2% level at 21,995. A break below that exposes the 50% midpoint at 21,670.
· Shanghai stocks posted a fifth straight session of losses on Tuesday, as investors became concerned about credit risks amid more bond defaults, while Beijing vowed financial stability ahead of shares being included in MSCI’s global benchmark indexes. The blue-chip CSI300 index fell 0.8 percent to 3,804.01 points, while the Shanghai Composite Index closed down 0.5 percent at 3,120.46 points
Referenece: Reuters,CNBC
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