BlackRock Shuns Italian Bonds as Political Turmoil Adds to Gloom
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Italy’s inconclusive election has darkened what was an already unfavorable backdrop for the nation’s bonds, according to BlackRock Inc.
Scott Thiel, deputy chief investment officer at BlackRock, dubbed the outcome of the March 4 vote as the worst possible. With anti-establishment parties vying to form a government following the election, which yielded a hung parliament, the world’s biggest asset manager says it is underweight Italian securities.