Early indications in the Italian referendum are poor for Matteo Renzi:
Matteo Renzi seems set to lose a referendum on his flagship constitutional reforms, according to exit polls released on Sunday night, a result that could lead to the Italian prime minister’s resignation.
Although exit polls have been unreliable in Italy in the past, they suggested a wide margin of defeat for the “yes” camp championed by Mr Renzi, who designed the reforms to streamline the country’s political system. According to broadcaster Rai, the “no” camp won 58 to 54 per cent of the vote, while the “yes” camp garnered between 46 per cent and 42 per cent.
Mr Renzi is expected to speak at midnight local time, his spokesman said.
A defeat of that magnitude will not please markets. USD the big winner as EUR sinks:
Renzi has resigned.