Italian BTP futures dive after vote signals gridlock

MILAN Tue Feb 26, 2013 2:14am EST

MILAN Feb 26 (Reuters) - Italian BTP futures were down almost 3 percent in early trade after inconclusive elections left Italy facing political deadlock and rekindled concern the euro zone debt crisis could once again flare up.

BTP futures contracts were trading at 109.10 at 0709 GMT, down 3.08 percent from Monday while the European stock market Eurostoxx 50 futures were indicated down 3.3 percent, a prediction shares would fall.

"There is around a third of Italy that wants to destroy everything. We'll be happy if we end the day with a 4 percent fall in the stock market," said a Milan equities trader.

Rome will face a key market test later as it offers 8.75 billion euros of 6-month BOTs at 1000 GMT.

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