Markets muted as polls get Italy vote right

Last week, markets were largely unloved following the Italian electorate’s decision to reject Prime Minister Matteo Renzi’s call for constitutional reform. Jon Jonsson, senior portfolio manager of Global Fixed Income, at Neuberger Berman highlights in Portfolio Adviser that this decision is likely to reduce the confidence in the recovery of the Italian referendum, as well as negatively impact on Italian government bonds and risky assets in Europe. However, he further states that there may be opportunities to use any substantial sell-off to buy compelling assets.

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