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Good morning. Mario Draghi’s resignation rejected, Russia eyes its own oil benchmark, race to become UK prime minister and the ECB’s new tool. Here’s what people are talking about.
Italian President Sergio Mattarella rejected Mario Draghi’s offer to resign as prime minister in a bid to avert a political crisis. The move by Mattarella leaves the door open for a solution that would see Draghi leading the government until elections due in early 2023. The political chaos was triggered after the Five Star Movement, the second-largest party in Draghi’s alliance, boycotted a confidence vote in the senate, criticizing the government’s response to the economic crisis. It’s the latest problem investors in Italian assets have to assess, adding to surging inflation, rate hikes and recession fears.