Draghi ‘Put’ Steadies Stocks As Italian Banking System Collapses

The Draghi put is still alive – or at least that’s what the market seems to think, judging by the response to the Italian vote outcome.
The Plunge Protection Team was very evident at the European open…
But as Bloomberg notes, while a rejection of Renzi’s reform proposals was expected, political instability and uncertainty over the fate of the country’s troubled banks aren’t fully priced in, and bank stocks are tumbling (after a panic bid at the open)…

This post was published at Zero Hedge on Dec 5, 2016.