Italy's MIB falls by more than 1%, while 10-year bond yields have jumped by more than 10 bps on the day now

This comes after Alberto Bagnai was appointed as Italy's senate finance committee head. Bagnai is a somewhat equivalent to Savona in the sense that he's a major euroskeptic.

He has previously described the euro as an "economic monster" and the move here bolsters the new government's possible future agenda of leaving the euro.

We're seeing EUR/USD also take a hit now, falling to a low of 1.1522 on the day as regional equities all turn red as well.