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Europe Markets: Italy’s stock market slumps as budget drama looms, weighs on broader European bourses

Italian stocks finished a choppy session near break even after an European Union commissioner offered comments that reduced—for the moment—concerns about the country’s budget plan. But concerns on a clash with the EU pushed the index to a weekly loss.

What are markets doing?

Italy’s FTSE MIB Italy index I945, -0.04% ended down less than 0.1% at 19,080.16, resulting in a weekly skid of 0.9% and its fourth straight weekly slide, representing the longest such decline since a five-week retreat ended June 8, according to FactSet data.

Italian political turmoil has been weighing on the pan-European Stoxx Europe 600 SXXP, -0.12% which ended off 0.1% to 361.24, but the index eked out a weekly rise of 0.6%.

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