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Markets fall as concerns are raised over Italy

Markets across Europe have fallen in early trades as fears grow about political uncertainty in Italy.

At 10.23am, the FTSE 100 was down 1.64 per cent to stand at 5436.78, while the German Dax and the French Cac 40 were both down by almost 2 per cent. The FTSE eurofirst 300 is down by 1.6 per cent.

Concerns around Italy come as the yield on Italian 10-year bonds rose from 6.37 per cent to 6.64 per cent. Prime Minister Silvio Berlusconi is set to face a vote on public finance tomorrow.

The concerns have hit markets, overshadowing Greece, where Prime Minister George Papandreou has agreed to stand down. A new coalition is to be formed to approve the latest bailout package.

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