May 29, 2018 / 10:11 AM / 5 months ago

Bank of Italy chief says no 'justification' for market selloff

ROME (Reuters) - Bank of Italy Governor Ignazio Visco said Tuesday’s market selloff was unjustified, as bond yields spiked and the stock market declined on the political uncertainty tied to a fresh round of elections later this year.

FILE PHOTO: Bank of Italy Governor Ignazio Visco looks on during a meeting in Rome, Italy, October 31, 2017. REUTERS/Remo Casilli - RC18DA78C300/File Photo

The selloff “is very serious”, Visco said at the central bank’s annual assembly in Rome. “There are no justifications — except for emotions — for what we’re seeing today on the markets.”

Italy’s stock market declined more than 2 percent and the closely watched gap between Italian and German 10-year bond yields widened by more than 80 basis points in the morning.

Reporting by Stefano Bernabei, writing by Steve Scherer

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