GROWING ITALY RISK PUTS EQUITIES AT DEEPEST DISCOUNT IN 35 YEARS

Italian stocks are trading at their deepest discount in 35 years compared to world shares as investors fret over the fiscal outlook in one of Europe's most indebted economies, although some reckon the shares are too cheap to ignore. While Italian equities (.dMIIT00000PUS) have historically been cheaper than global peers, their discount has now widened to 50%, the biggest gap since 1988, and has held at that level for a couple of months. This is twice as wide as the average gap seen over the past two decades.

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