Stocks pushed higher Monday while the euro recovered from early losses as investors largely brushed off Italian voters’ rejection of constitutional reform. Investors had widely anticipated the result of Sunday’s referendum and subsequent resignation of Prime Minister Matteo Renzi, and sold Italian equities, bonds and the euro in the weeks leading up to the vote. “For the first time, the polls were clearly expecting that result,” said Igor de Maack, fund manager at DNCA Investments. Some investors had sold the euro ahead of the Italian referendum. Earlier in the day, shares in Asia mostly declined amid concerns the result of the Italian referendum could trigger a selloff in Europe’s banking shares that would ripple world-wide.

Source: Wall Street Journal December 05, 2016 08:59 UTC