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Euro sinks on Italy worries as Asia markets fall

Italy's Prime Minister Matteo Renzi announces his resignation during a press conference at the Palazzo Chigi in Rome, following the results of the vote for a referendum on constitutional reforms, on December 4, 2016The euro hit a 20-month low Monday and most Asian stocks retreated as a fresh wave of uncertainty hit markets after Italy’s prime minister resigned following a heavy referendum defeat. Analysts warned the single currency could soon hit parity with the dollar because investors are spooked by a long-running banking crisis in Italy and the possibility of elections that could usher in anti-EU parties. Matteo Renzi stood by his promise to resign after his attempt to change the constitution was overwhelmingly rejected in Sunday’s poll, leading to fears about the future of one of the eurozone’s biggest economies.

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