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Right on the heels of Matteo Salvini's Lega party winning over 30% in the European elections sources say the European Commission is considering proposing a 3.5 billion-euro ($4 billion) penalty on Italy over its failure to reduce debt per EU budget rules.

British Prime Minister Theresa May has resigned from her position after the Brexit calamity reached fever pitch. Who is next for the job, and will that lead to a smoother Brexit or an exit without a deal. Boris Johnson is the big favorite with Dominic Raab next in the betting.

With a weaker Chinese economy, and a debt burden expected to rise by three to four percentage points of GDP shadow banking practices should be a concern; However both rating agency Fitch and Morgan Stanley downplay the risk believing the debt is now more transparent.

Spanish PM Pedro Sanchez has called a cabinet meeting with a snap election after his budget was rejected in a 191-158 vote. The election will be held in April or May with Sancez's Socialist Party leading in the polls after Catalan parties withdrew support.

Fitch Ratings affirmed Germany's Sovereign rating and long term IDR's and unsecured foreign and local currency bonds at 'AAA' with a stable outlook as expected. Germany ran a surplus last year and Germany's fiscal position is expected to continue to improve.

Fitch Ratings affirmed Sweden's 'AAA' rating saying it reflects its high per capita income, persistent budget surpluses, declining public debt, strong governance and human development indicators, and a track record of sound economic policy.

The CFO of Chinese telecommunications giant Huawei Technologies Meng Wanzhou has been arrested by Canadian authorities with an extradition request from the U.S. over Iran sanctions violations. Meng is also daughter of company founder Ren Zhengfei.

The SEC charged boxing champion Floyd Mayweather and rapper DJ Khaled for not disclosing their payment from Centra Tech ICO, the two settled without admitting or denying the charges. The founders were arrested in April for fraud by the SEC.

Tensions have risen between the Ukraine and Russia after the Russians seized Ukrainian naval boats in what Oleksandr Turchynov, the Ukrainian Secretary of their Security and Defence Council called the action an act of war. Ukraine to vote on declaring marital law. 

In the backdrop of trade wars and after three years of negotiations, the World Trade Organisation (WTO) has added Australia to the Agreement on Government Procurement (GPA), ensuring Australian exporters are now open to an estimated $1.7 trillion market.

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