Italian PM Meloni is trailing by a narrow margin in justice reform referendum; 'No' vote in Italy Justice Referendum seen at 49-53% vs 'Yes' at 47-51%, via SWG/exit polls

Italian PM Meloni is trailing by a narrow margin in justice reform referendum; 'No' vote in Italy Justice Referendum seen at 49-53% vs 'Yes' at 47-51%, via SWG/exit polls.

The narrow margin in the Italian justice reform referendum, with the 'No' vote slightly leading, suggests potential political instability for PM Meloni and may affect governance and reform initiatives going forward. This result could shift market sentiment towards Italian assets, particularly if it signals a loss of support for her administration or hampers EU relations going forward. Keep an eye on how this influences broader risk appetite and the euro-dominated currencies.