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Yesterday European assets suffered another risk-off episode (more moderated than the experienced in late May) after two euro skeptic economists from League were appointed as heads of economic committees of the Italian Senate.

Investors in European markets exhibited a positive mood, and the main euro area stock market indices advanced by around 1.0 percent in yesterday's session (with the exception of the Portuguese PSI20, which remained flat).

European stock markets continued with the positive mood of the last session and gains were moderate and broad-based across the different European countries.

In yesterday's session, financial markets operated in a risk-off scenario, partly fueled in Europe by the European Commission's response to the Italian budget, which hints the possibility of a rejection from Brussels.

The European Commission's (EC) downward revision of economic growth forecast for the euro area worsened investor sentiment.

With U.S. markets closed for the Memorial Day holiday, European stocks advanced moderately at the start of the week as investors digested the results of the weekend's European Parliament election.

Markets tilted towards a risk-off mood in a session dominated by U.S. news. U.S., German and other core sovereign yields declined, euro area peripheral spreads widened, safe-haven currencies (such as the CHF and the JPY) appreciated against the USD (while the euro was roughly stable), and stocks exhibited a poor performance globally.