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Italian Prime Minister has officially resigned, Reuters reported on Tuesday, citing a statement released by the President’s office.

The press release further revealed that the President will start consultations with political parties on Wednesday on how to resolve this crisis. Additionally, the President has asked Conte to stay on in a “caretaker role” while consultations take place.

Market reaction

There was no immediate market reaction to this headline. As of writing, Italy’s FTSE MIB Index was up 1.3% on the day at 22,019. Meanwhile, the EUR/USD pair was virtually unchanged on the day at 1.2140.