Europe Markets: Italian stocks sink after voters reject Renzi in referendum

Italian stocks retreated Monday after Prime Minister Matteo Renzi’s resignation announcement following defeat of a constitutional referendum, but questions remain about political uncertainty and the possibility of another eurozone crisis.

Italy’s FTSE MIB I945, -0.91% was down 1% at 16,926.77. The index had fallen as much as 2.1%, FactSet data showed.

Bank shares bore the brunt of the selloff on the Milan benchmark as the industry has been trying to get more than €200 billion in bad debt off its books. The FTSE Italia All-Share Banks Sector Index IT8300, -3.40% fell 3.5%, but an improvement from an intraday low of 4.6%.

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