December 19, 2018 / 10:57 AM / 3 months ago

EU Commission to hold news conference on Italy budget talks at 1100 GMT

BRUSSELS, Dec 19 (Reuters) - The European Commission will hold a news conference on the discussions with Italy on Rome’s 2019 draft budget at 1100 GMT (midday local time), the Commission said.

Italy’s two-year bond yield hits its lowest level in almost seven months on Wednesday, after an Italian official said that Rome had struck a deal with the EU Commission over the contentious 2019 budget.

The news, which broke late Tuesday, signals an end to weeks of wrangling that had shaken bond markets. A source in Prime Minister Giuseppe Conte’s office said a deal was not expected to be formalised until a meeting of EU commissioners on Wednesday.

Reporting By Jan Strupczewski and Francesco Guarascio

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