Reuters

Italy’s president set the country on a path back to fresh elections on Monday, appointing a former IMF official as interim prime minister with the task of planning for snap polls and to pass the next budget.

European stocks gave up early gains as early elections loomed in Italy after the 5-Star and League parties abandoned plans to form a government.

Italian President Sergio Mattarella is expected to ask a former IMF official to head a stopgap government amidst political and constitutional turmoil, with early elections looking inevitable.

Spain’s Ciudadanos party upped the pressure on Prime Minister Mariano Rajoy on Monday, intensifying calls for snap elections.

U.S. oil futures hit six-week lows on expectations major producers may ease output curbs on Monday.

Oil prices slumped, as Saudi Arabia and Russia said they may increase supplies and as U.S. production shows no signs of abating.

The eurosceptic professor whom Italy’s would-be coalition partners want as their economy minister sought on Sunday to allay concerns about his views on the European Union.

Two U.S. Navy warships sailed near islands claimed by China on Sunday, two U.S. officials told Reuters, in a move likely to anger Beijing.

South Korean President Moon Jae-in and North Korean leader Kim Jong Un held a surprise meeting in an effort to ensure that a summit between Kim and U.S. President Trump takes place successfully.

Borrowing costs in southern Europe shot up on Friday and stock markets in Milan and Madrid tumbled on a no-confidence motion mooted against Spain’s prime minister.