March 5, 2018 / 7:20 AM / in 15 days

Italian bond yields jump as anti-establishment parties surge in election

LONDON, March 5 (Reuters) - Italy’s borrowing costs spiked in early trades on Monday after the weekend’s general election saw a surge in support for anti-establishment parties, led by the 5-Star Movement.

Italy faces a prolonged period of political instability after voters delivered a hung parliament in Sunday’s election, spurning traditional parties and flocking to anti-establishment and far-right groups in record numbers.

The yield on 10-year Italian government bonds jumped 10 basis points at open to 2.14 percent.

Italy’s blue chip FTSE MIB index was seen opening down 1.2 pct after election, according to IG Markets.

The euro zone’s single currency fell 0.3 percent to the day’s lows at $1.2280. (Reporting by Abhinav Ramnarayan, Danilo Masoni and Saikat Chatterjee)

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