Stocks in Asia reacted to the failed referendum in Italy, which sent the euro tumbling amid political uncertainty. Hardest hit was China's Shanghai Composite, down 1.2%, despite the launch of the highly anticipated Shenzhen-Hong Hong stock connect. China is also in the headlines after U.S. President-elect Donald Trump accused Beijing of currency manipulation, just days after he took a congratulatory call from Taiwanese President Tsai Ing-wen -- representing a break from longstanding U.S. foreign policy. Things were no better for indexes outside of the mainland, as Japan's Nikkei dropped 0.8%, Hong Kong's Hang Seng slid 0.3%, and South Korea's Kospi surrendered 0.4%.
After earlier losses on the Italian referendum, European markets have roared back. Banking stocks, in particular, have recovered powerfully, helping London's FTSE 100 to a 0.3% gain -- with the index further bolstered by a better-than-expected IHS Markit/CIPS purchasing managers index, which hit a 10-month high. Rounding things out, the French CAC 40 and German DAX have jumped 0.8% and 1.5%, respectively.
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