FTSE MIB erases gain on GDP and budget deficit headlines

FTSE MIB (ITA40) took a steep dive shortly after 1:00 pm CET. Bloomberg agency reported that the country is set to revise GDP forecast for 2019 from 1% to just 0.1% and to raise budget deficit forecast for 2019 to 2.5%. The Italian stock market index moved almost 0.5% lower during the first 15 minutes after the report was published and now trades among the biggest European laggards.

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