The Italian government is scheduled to provide the details of their budget proposal to the European Commission by midnight CEST, points out the research team at TD Securities.
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“We see the rating decisions next week as a much more important catalyst for markets than the back and forth with Brussels. the next step is the expectation that Brussels will provide some preliminary comments on the budget next week, which would likely reinforce the negative tone, but no formal response is needed until end-November, and any Excessive Deficit Procedures would be bureaucratic process which would carry well into next year.”
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