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Italy referendum: Matteo Renzi to resign after defeat as Austria rejects far right – live Italy referendum: Matteo Renzi to resign after defeat as Austria rejects far right – live
(35 minutes later)
1.32am GMT
01:32
While defeat for Renzi’s proposal was not unexpected in Italy, the size of the ‘no’ victory has exceeded most predictions.
As the Financial Times’ bureau chief in Rome notes:
There was actually a massive polling miss in the Italian referendum. He was behind 5-7 pp in the polls, will end up losing by nearly 20pp
The current tally has ‘yes’ on 40.28%; ‘no’ on 59.72%.
1.22am GMT
01:22
Monday’s Guardian front page leads on news from Italy and Renzi’s departure:
Guardian front page, Monday 5 December 2016: Italy reels after referendum defeat forces Renzi to resign pic.twitter.com/rWZAAYXCtc
1.13am GMT
01:13
After a tumultuous night in Italy, Matteo Renzi will on Monday head to the Quirinal palace to submit his resignation to president Sergio Mattarella.
It is 14 months until the next elections are due, and it’s expected that Mattarella will attempt to pull together a caretaker prime minister – likely from from Renzi’s Democratic party – to serve until the February 2018 vote.
The populist Five Star Movement and the anti-immigrant Northern League want early elections – but have no power to make that happen.
Forza Italia, the right-wing party led by former prime minister Silvio Berlusconi (yes, him), is less keen on a snap poll, Buzzfeed’s Alberto Nardelli says:
Italian politics: Forza Italia's Brunetta saying he doesn't want snap elections. Of course he doesn't. Forza Italia would be annihilated.
12.53am GMT12.53am GMT
00:5300:53
We are closer to a final result in Italy and the no vote is holding steady at around 59%.We are closer to a final result in Italy and the no vote is holding steady at around 59%.
With 90.8% of precincts reporting:With 90.8% of precincts reporting:
12.42am GMT12.42am GMT
00:4200:42
Italy: what happens next?Italy: what happens next?
Stephanie KirchgaessnerStephanie Kirchgaessner
Italy is not voting to leave the eurozone or the EU. But there could still be far-reaching implications. Renzi came into power promising to be a reformer, to drag Italy “out of the swamp” and build a strong centre-left majority, so his loss is a big blow to people who think his defeat is a rejection of his agenda.Italy is not voting to leave the eurozone or the EU. But there could still be far-reaching implications. Renzi came into power promising to be a reformer, to drag Italy “out of the swamp” and build a strong centre-left majority, so his loss is a big blow to people who think his defeat is a rejection of his agenda.
It will also be seen, much like Brexit and the election of Donald Trump, as a victory of populist forces over an establishment party, although the reality is more complicated. A new caretaker government will probably take over and new elections could be held as soon as next year.It will also be seen, much like Brexit and the election of Donald Trump, as a victory of populist forces over an establishment party, although the reality is more complicated. A new caretaker government will probably take over and new elections could be held as soon as next year.
One reason some observers think this vote is such a big deal is because it could open the door to the election of the Five Star Movement (M5S), a populist, anti-establishment party that has said in the past it wants to call a referendum on membership of the euro.One reason some observers think this vote is such a big deal is because it could open the door to the election of the Five Star Movement (M5S), a populist, anti-establishment party that has said in the past it wants to call a referendum on membership of the euro.
But even if the M5S took over Palazzo Chigi, the prime minister’s residence, it would not mean Italy abandoning the euro anytime soon. Doing that would require a constitutional amendment and another referendum. Euroscepticism is definitely on the rise in Italy, but there is no overwhelming political consensus against the single currency right now.But even if the M5S took over Palazzo Chigi, the prime minister’s residence, it would not mean Italy abandoning the euro anytime soon. Doing that would require a constitutional amendment and another referendum. Euroscepticism is definitely on the rise in Italy, but there is no overwhelming political consensus against the single currency right now.
12.36am GMT12.36am GMT
00:3600:36
The victor in Austria’s presidential election, Alexander Van der Bellen, said his victory has sent “a red and white signal of hope to all the capitals of the European Union”, as he pledged to be a president for all Austrians, whether they had voted for him or against him.The victor in Austria’s presidential election, Alexander Van der Bellen, said his victory has sent “a red and white signal of hope to all the capitals of the European Union”, as he pledged to be a president for all Austrians, whether they had voted for him or against him.
12.30am GMT12.30am GMT
00:3000:30
On that note, Reuters has this latest on market reaction to the vote in Italy and news of Renzi’s imminent departure:On that note, Reuters has this latest on market reaction to the vote in Italy and news of Renzi’s imminent departure:
US equity index futures fell after a stinging defeat for Italian prime minister Matteo Renzi, who said he would resign following a referendum over his proposals for constitutional reform.US equity index futures fell after a stinging defeat for Italian prime minister Matteo Renzi, who said he would resign following a referendum over his proposals for constitutional reform.
Exit polls and early projections on Sunday showed Renzi lost the referendum by a wide margin.Exit polls and early projections on Sunday showed Renzi lost the referendum by a wide margin.
“Buy bonds and sell stocks,” hedge fund investor Douglas Kass, who runs Seabreeze Partners Management Inc, said after the vote. “The technicals and fundamentals and political/geopolitical considerations are all souring.”“Buy bonds and sell stocks,” hedge fund investor Douglas Kass, who runs Seabreeze Partners Management Inc, said after the vote. “The technicals and fundamentals and political/geopolitical considerations are all souring.”
S&P 500 e-mini futures were down 0.3% shortly after electronic trading resumed on Sunday evening – paring some losses after initially falling 0.5% – signalling Wall Street could start the week on a shakier footing after stumbling last week for the first time since the 8 November US election.S&P 500 e-mini futures were down 0.3% shortly after electronic trading resumed on Sunday evening – paring some losses after initially falling 0.5% – signalling Wall Street could start the week on a shakier footing after stumbling last week for the first time since the 8 November US election.
Last week, the S&P 500 shed 1%. Major Wall Street indexes had previously hit a series of record highs over the past three weeks following Republican Donald Trump’s victory in the presidential election, as investors rotated into sectors expected to benefit from campaign promises of tax cuts, infrastructure spending and bank deregulation.Last week, the S&P 500 shed 1%. Major Wall Street indexes had previously hit a series of record highs over the past three weeks following Republican Donald Trump’s victory in the presidential election, as investors rotated into sectors expected to benefit from campaign promises of tax cuts, infrastructure spending and bank deregulation.
12.23am GMT12.23am GMT
00:2300:23
The referendum result in Italy has prompted a drop for the euro – but not a Brexit-style lurch:The referendum result in Italy has prompted a drop for the euro – but not a Brexit-style lurch:
Post Renzirendum: € at 1.5 year low versus $ - 1% down, 4-5% down on month (orange). Not yet a patch on post brexit referendum £ slide -blue pic.twitter.com/DjQi6jAkvSPost Renzirendum: € at 1.5 year low versus $ - 1% down, 4-5% down on month (orange). Not yet a patch on post brexit referendum £ slide -blue pic.twitter.com/DjQi6jAkvS
12.16am GMT12.16am GMT
00:1600:16
Italy: latest vote countItaly: latest vote count
With 73.7% of precincts declared:With 73.7% of precincts declared:
UpdatedUpdated
at 12.16am GMTat 12.16am GMT
12.15am GMT12.15am GMT
00:1500:15
And Beppe Grillo, founder of Italy’s populist Five Star Movement, has called, via his blog, for an early election “as soon as possible”.And Beppe Grillo, founder of Italy’s populist Five Star Movement, has called, via his blog, for an early election “as soon as possible”.
Beppe #Grillo on his blog - 'democracy has won' against 'propaganda by the regime', 'citizens are victorious' pic.twitter.com/Wncj24SC2WBeppe #Grillo on his blog - 'democracy has won' against 'propaganda by the regime', 'citizens are victorious' pic.twitter.com/Wncj24SC2W
A snap election is by no means certain, of course.A snap election is by no means certain, of course.
12.11am GMT12.11am GMT
00:1100:11
Back to Italy, where Virginia Raggi, the mayor of Rome and a member of the Five Star Movement, has tweeted her approval of the referendum result:Back to Italy, where Virginia Raggi, the mayor of Rome and a member of the Five Star Movement, has tweeted her approval of the referendum result:
Italians have won. Now we rebuild the country. Our revolution does not end, in Rome and in Italy.Italians have won. Now we rebuild the country. Our revolution does not end, in Rome and in Italy.
#HaVintoLaDemocrazia Hanno vinto gli italiani. Ora ricostruiamo il Paese. La nostra rivoluzione non si ferma, a Roma e in Italia.#HaVintoLaDemocrazia Hanno vinto gli italiani. Ora ricostruiamo il Paese. La nostra rivoluzione non si ferma, a Roma e in Italia.
12.07am GMT12.07am GMT
00:0700:07
While we’re on the subject of prime ministerial resignations, here’s another: John Key, prime minister of New Zealand, has just announced he will step down within a week.While we’re on the subject of prime ministerial resignations, here’s another: John Key, prime minister of New Zealand, has just announced he will step down within a week.
You can catch up on that news here:You can catch up on that news here:
12.06am GMT12.06am GMT
00:0600:06
Claire PhippsClaire Phipps
This is Claire Phipps picking up the live blog from Jon Henley, with continuing live coverage as Italy reels from the resignation of prime minister Matteo Renzi.This is Claire Phipps picking up the live blog from Jon Henley, with continuing live coverage as Italy reels from the resignation of prime minister Matteo Renzi.
We’ll also have fallout from the result in Austria, where Alexander Van der Bellen has defeated far-right candidate Norbert Hofer for the presidency.We’ll also have fallout from the result in Austria, where Alexander Van der Bellen has defeated far-right candidate Norbert Hofer for the presidency.