European markets open to close; sterling slumps against the dollar

Giorgia Meloni and her far-right party, Brothers of Italy, come first in Italian elections, a poll shows

Giorgia Meloni was seen during the campaign. Giorgia Meloni, leader of the right-wing nationalist and conservative Brothers of Italy (Fratelli dItalia, FDI) party, held the final election rally at Arenile in the left-leaning Bagnoli district of Naples.

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Italians are on track to elect the country’s first female prime minister and the first far-right-led government since the end of World War II.

Giorgia Meloni’s Fratelli d’Italia (Brothers of Italy) party is expected to win 26.4% of the vote, according to an exit poll early Monday morning. The party is in a broad right-wing coalition with Matteo Salvini’s Lega, Silvio Berlusconi’s Forza Italia and a smaller coalition partner, Noi Moderati.

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This alliance will win 44.43% of the vote according to exit polls, enough to secure a parliamentary majority with the centre-left bloc at 26.57%. Early projections of actual election results are due Monday morning.

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Sterling hits record low against the dollar as Asia-Pacific currencies also weaken

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Stocks are preparing to test their lows in the final week of trading for September

Heading into the last week of trading for September, the Dow and S&P 500 are each down about 6% for the month, while the Nasdaq is down 8%.

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Both the Dow and the S&P are now 1.2% and 1.6% higher, respectively, from their mid-June lows. The Nasdaq is up 2.9% from its low.

European Markets: Here are the opening calls

European stocks are expected to open in negative territory on Wednesday as investors react to the latest US inflation data.

According to data from IG, the UK FTSE index is expected to open 47 points lower at 7,341, the German DAX 86 points lower at 13,106, the French CAC 40 28 points and the Italian FTSE MIB 132 points lower at 22,010.

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Global markets retreated after a higher-than-expected U.S. CPI report for August, which showed prices rose 0.1% for the month and 8.3% annually in August, the Bureau of Labor Statistics reported on Tuesday, defying economists’ expectations that inflation would fall 0.1% on a monthly basis.

The core CPI, which excludes volatile food and energy costs, is up 0.6% since July and 6.3% since August 2021.

UK inflation figures for August are due and July euro-zone industrial production to be released.

— Holly Ellyatt

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