HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: The Italian government issued a statement yesterday to announce that the new budget deficit target for 2019 has been set at the upper range of market expectations at 2.4%-of-GDP. Tensions with the European Commission are likely to escalate and major rating agencies may downgrade Italy’s sovereign credit. Not surprisingly, market reaction was negative. The EUR/USD dropped to a two week low of 1.1614 earlier today and Italy’s 10-yr...