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The Italian budget row reared its head once more yesterday, with reports that Italy will not back down on its budget deficit proposals. The Italian government said it won’t let the country’s budget deficit widen further than the 2.4% target for 2019, with Prime Minister Giuseppe Conte saying that the shortfall might well come in below that figure.

However, Brussels looks set to reject the proposals and insist that Italy revise its plans – the first time it has ever asked a member state to do so. We will learn more today, but the outlook doesn’t look all that positive at present, with both sides unlikely to concede ground. Conte felt moved to say that Italy will not exit the EU or the euro, but the fact he even took the time to say that is reason for concern.

Today the only release on the schedule is the eurozone’s flash consumer confidence reading for October. It is expected to fall to -3.2 from -2.9 in the previous month.

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