Italian Stocks, Bonds Collapse After EU Rejects Rome’s Budget Plans

Italian stocks tumbled with the FTSE MIB droppoing 2.3%, the worst performer among major European markets on Monday and hitting its lowest level since April 2017, while the country’s bond plunged to the lowest level since February 2014 amid what now appears to be an inevitable showdown between Italy and the EU, after the European Commission saying Italy’s plans are in breach of common rules.