Europe stock volatility at 2013 high on Italy vote

LONDON Tue Feb 26, 2013 3:49am EST

LONDON Feb 26 (Reuters) - A closely watched gauge of European stock market volatility hit a 2013 high on Tuesday after an uncertain Italian election outcome that has raised fresh concern about the outlook for the region's debt crisis.

The Euro STOXX 50 Volatility Index, or VSTOXX, which reflects options pricing and demand to protect against falls in the underlying cash market index, rose 15 percent at the open to hit a new year's high of 24.73.

Markets across Europe fell on the vote results, with Italy's FTSE MIB the worst hit, down around 4 percent. (Reporting by Simon Jessop and Sudip KarGupta; Editing by Francesco Canepa)

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