| By Derek Caney
Italian Prime Minister Matteo Renzi plans to resign after his referendum on constitutional reform was roundly rejected. It was yet another stinging rebuke to establishment forces in Western countries, following Britain's vote to withdraw from the European Union and Donald Trump's surprise victory in the U.S. presidential election. Italy's referendum asked whether or not to speed up the legislative processes, but in reality it was a referendum on Renzi. His defeat throws the euro zone's third-largest economy into political turmoil. Renzi's opposition wants a referendum on Italy's participation in the EU, which, if successful, won't bode well for the trading bloc. Digits of the day: 1.8 percent The markets have been sanguine about Italy so far. European markets were all called to open lower, but ended up rallying later in the morning. After falling to 20-month lows, the euro erased most of those losses and is slightly higher at $1.0707. The DAX in Germany rallied 1.6 percent, while the CAC in Paris is up 1. percent. In the United States, Dow Jones futures are up 91 points.
President-elect Donald Trump's latest diplomatic brickbats follow a phone call he accepted from Taiwan's President Tsai Ing-wen on Friday that went against 37 years of foreign policy. Chinese foreign ministry spokesman Lu Kang didn't comment directly on Trump's latest criticisms. Lu said that he believes that, notwithstanding the phone call, Trump is clear about China's position on Taiwan and added that China has maintained contact with Trump's team.
Farewell, Fidel 
Cuba's President Raul Castro (C) salutes after placing the box containing the ashes of Cuba's former President Fidel Castro into a boulder at the Santa Ifigenia Cemetery, in Santiago de Cuba, Dec. 4, 2016. REUTERS/ACN/Marcelino Vazquez
Around the country - The Standing Rock Sioux Tribe scored a victory in North Dakota, as the Army Corps of Engineers nixed a permit for the Dakota Access Pipeline. But the incoming president, Donald Trump, could well push for a reversal of the decision. The New York Times reported that Trump owns stock in the company building the pipeline, Energy Transfer Partners.
- Trump plans to nominate Dr. Ben Carson to be secretary of housing and urban development. Carson was a rival for the Republican presidential nomination, but was one of the earlier candidates to support Trump after he withdrew from the race.
- The death toll mounted to 33 in a fire that ripped through an Oakland warehouse that was being used an artist' collective. The fire broke out during a dance party Friday night, but we don't know what caused the fire. Arson is not suspected but investigators are checking whether the building, often used for music performances, had a history of code violations.
Around Wall Street - Trump's advisers on Native American issues want to privatize land on reservations that is believed to be rich in oil, gas and coal reserves. Such a policy could upend more than century of policy designed to preserve Indian tribes on reservations.
- BP's decision to move ahead with a $9 billion project to drill in the Gulf of Mexico is the first step toward major oil companies moving forward with U.S. offshore plans postponed during crude's price rout.
- Bangladesh will share findings from its investigation into how unidentified hackers pulled off one of the world’s biggest cyber bank heists to help speed up recovery of the stolen funds. Until now, Bangladesh refused to disclose its findings of an inquiry into how the hackers used stolen Bangladesh Bank credentials to try to transfer nearly $1 billion from its U.S. Federal Reserve account in February.
Around the world - Japanese Prime Minister Shinzo Abe plans to visit Pearl Harbor when he comes to the United States for his final meeting with President Barack Obama. He would be the first sitting Japanese leader to visit the memorial.
- Russian Foreign Minister Sergei Lavrov is confident Moscow and Washington can reach a deal in talks this week on the withdrawal of all rebels from the eastern part of the Syrian city of Aleppo. Once the deal is reached, rebels who stay in the besieged eastern part of the city will be treated as terrorists, he said. The rebels say they're not going anywhere.
- While the fight to retake the Iraqi city of Mosul from Islamic State is going to be difficult, it is "possible" it could be complete before President-elect Donald Trump takes office, Defense Secretary Ash Carter said.
Today's reason to live Bob Dylan – Early Roman Kings |
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