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Stocks started slightly weaker bowing under some renewed tensions in EM an Italy after Italian Prime Minister G. Conte passed his first parliamentary hurdle, but alarmed markets with a speech pledging a raft of populist measures from boosting spending to sweeping tax cuts. The spread between the yield on Italian and German 10-year bonds widened by 30 basis points (with bund yields falling 5bps), while the FTSE MIB Italian benchmark stock index dropped 1.2%.

Sentiment was also impaired early yesterday by R. Dalio’s saying he was “bearish on almost all financial assets” and running with net short equity positions. US stocks resilience reasserted itself however, supported by unmitigated further strength in Tech shares (check Teck). 

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