Italy’s FTSE MIB plunges on election result

Silvio Berlusconi, leader of right-wing party Forza Italia, waves as he arrives to vote on March 4, 2018 at a polling station in Milan.

Italy’s FTSE MIB is set to plummet at Monday’s market open following an uncertain initial election result which indicates that the country is set for a hung parliament.

The main Italian bourse is seen 251 points lower at 21,661. Meanwhile, other major European exchanges are expected to begin the week’s trading in the green.

The U.K. FTSE is expected to lead the gains, seen up 29 points by 7,099. This is followed by the German DAX, anticipated to start trading 26 points higher at 11,939. Meanwhile, the French CAC is seen 14 points higher at the open, expected to open at 5,151.

According to early projections, Italy will see a hung parliament following its election Sunday. Voters opted for anti-establishment and far-right parties in higher numbers than before, meaning that none of the country’s three main parties will be able to govern Europe’s third largest economy alone. The outcome of a euro-skeptic coalition is a possibility.