e Renzi into 2018 elections, in our view. 4 December: Austrian presidential election Polls by public broadcaster ORF show the result as very close. Norbert Hofer is standing on an anti-immigrant platform against the moderate former Green leader Alexander Van der Bellen in a rerun of the May vote. The election

the region. There are many risk events on the horizon, including the Austrian Presidential election on December 4 (the worry here is a victory for Mr Norbert Hofer of the far right party), the Italian referendum on Constitutional reform on December 4 (while a ‘no’ outcome is largely priced-in, an actual ‘no’ out