>>> Sika shareholder Schenker-Winkler appeals Cantonal Court ruling at Zug High

Sika shareholder Schenker-Winkler appeals Cantonal Court ruling at Zug High Court

As announced, Schenker-Winkler Holding (SWH) has appealed before the High court of Zug against the decision of the Cantonal Court of Zug, dated October 27, 2016.
In the appeal, SWH requests to dismiss the decision of the lower court regarding those resolutions of the Annual General Meeting of Sika dated April 14, 2015, which passed only because of the unlawful restrictions of SWH’s voting rights.

(Jefferies) Global Equity Strat. Italy : Renzi The Reformer?

Key Takeaway
In the past year, Italy’s equity market has reflected a perfect storm of European woes: sluggish growth, high youth unemployment, banks saddled with bad debt and deflation. The promise of reforms has turned into a backlash against
Renzi himself who appears to have miscalculated by linking his government to the referendum results.

The concern is that a defeat weakens Renzi and the PD, which in turn strengthens the second biggest party in Italy, the populist 5-Star Movement who are seeking a referendum on EMU membership. With a wave of elections in Europe in 2017, such a shift in sentiment would undermine political integration and increase demand for national sovereignty.

Irrespective of the referendum decision on reforms to be held on December 4th, Italy was already finding economic growth challenging. While the intention of the constitutional reform was to make government’s more stable (there have
been more than 60 since WWII), thereby creating enough support for economic reforms, Renzi’s determination to put his job on the line created a backlash by anti-populist movements. Moreover, many groups were worried that the political reforms removed important checks and balances. With the opinion polls closed, surveys had shown the opposition consistently ahead. A defeat might see Renzi resign despite him backtracking on his original promise, but it
might not necessarily mean an automatic general election.

>>> What to look at today - 30th of November 2016

Dow +0.12% S&P +0.13% Nasdaq +0.21% Russell -0.12%
US Market closed slightly higher. Best Sectors Real Estate & Healthcare. Worst : Telco & Energy. Third-quarter GDP was revised up to 3.2% from 2.9% (consensus 3.0%), driven by an upward revision to personal expenditures growth. Separately, the November Consumer Confidence report (107.1; consensus 100.0) soared past estimates, even though the bulk of the survey was conducted amid pre-election uncertainty. WTI crude settled lower by 3.9% at $45.27/bbl, retreating amid headlines with bearish implications. Iranian oil minister Bijan Zanganeh said that his country will not take part in any production cuts. Given similar reluctance among other oil producers, the market is adjusting to reduced hopes for a supply cut being announced after tomorrow's meeting. Intraday trading volume was below average, but final-hour selling brought the NYSE floor total up to 901 million. US After Hours SPLK +5% / GWRE +2.5% on earnings/guidance, KMI +2% on Trans Mountain Project approval... ADSK -1.6% following earnings/guidance. Steven Mnuchin said to be Pres-elect Trump's choice for Treasury Sec; May be formally named as soon as Wednesday - NY Times, Wilbur Ross expected to be named Commerce Sec under Pres-elect Trump. Optimism for OPEC deal in Vienna subsides as Iran and Saudi energy mins remain at odds over output ceiling; Algeria has floated that OPEC cuts production to 32.5M bpd. China regulators curb speculative flows into commodities, sending Dalian Iron Ore into an 8% dive; BHP and Rio Tinto down nearly 4%. Japan industrial output in line with forecasts in Dec; Nov m/m revised much stronger to 4.5% v 2.1% prior.

Nikkei +0.01% Hang Seng +0.34% CSI -0.91% Shanghai -1.21%

Eur$ 1.0640 CNH 6.9002 CNY 6.8851 JPY 112.66 GBP 1.2480 CHF 1.0127 RUB 65.1934 WTI$ 46.07 +1.86%

S&P +0.02% EuroStoxx +0.06% Dax +0.16% SMI +0.05% FTSE +0.03%

Macro :
- Oil Slides Amid Uncertainty Over OPEC Deal as U.S. Stocks Climb
- Italy Stocks Bull at Jefferies Says Buy Ahead of Weekend’s Vote

Keep an eye on :
- AF FP : Air France, Pilots to Hold Talks This Week, AFP Reports
- ATC NA : Altice CFO Says Debt Level Doesn’t Present Risks: Les Echos
- AZN LN : AstraZeneca CEO Sees More Investments Than Savings in Sweden: DN
- BMPS IM : Monte Paschi Said to Say State Aid an Option If Rescue Fails
- BNP FP : French Banks Plan New Senior, Non-Preferred Debt Class: L’Agefi
- CO FP : Casino, Conforama Set Up Joint Co. Dedicated to Intl. Services
- ACA FP : French Banks Plan New Senior, Non-Preferred Debt Class: L’Agefi
- DTE GY : T-Mobile CEO Says Talked ‘Tons’ of Issues With FCC’s Wheeler
- EVH US : Evolent to Offer $110m in Convertible Notes; Shares Down 5.8%
- LIN GY : Praxair Confirms Approach to Linde About Resuming Deal Talks
- LHA GY : Lufthansa Bookings, Capacity Use Drop as Result of Strike: Bild
- OERL SW : Ziegler Resigns From Oerlikon, Schmolz Boards Amid Investigation
- OMV AV : OMV’s Pleininger Doesn’t See OPEC Curb Supply: Handelsblatt
- POP SM : Popular Workers Unions Asks Regulators to Probe Stock Trading
- PNL NA : Bpost May Announce Next Step on PostNL This Week: De Telegraaf
- RKET GY : -2.7% pre open on numbers
- STR AV : Strabag 3Q Adj. Ebit Down 8% to EU169m; Confirms 3% Margin Goal
- TITK GA : Alpha Bank Offering of Titan Cement Shares Prices at EU20.00

>>> Europe : BRokers Upgrades & Downgrades - 30th of November 20

>>> Up
*Antofagasta Raised to Neutral at Goldman, PT 750p
*Arbutus Biopharma Raised to Buy at Chardan, PT $4
*BW Offshore Raised to Buy at SEB Equities, PT NOK0.65
*Card Factory Raised to Buy at UBS, PT 295p
*Handelsbanken Raised to Buy at Goldman, PT SEK152
*ICADE Raised to Buy at Bank Degroof Petercam, PT EU77
*Nyrstar Raised to Buy at Berenberg, PT EU8.75
*Remy Cointreau Raised to Buy at SocGen, PT EU89

>>> Down
*Capita Cut to Reduce at HSBC, PT GBP4.50
*Freeport Cut to Sell at Berenberg, PT $10.90
*HELLA Cut to Sell at Citi, PT EU27.50
*Vestas Cut to Equal-Weight at Barclays, PT DKK510

>>> PT CHange


>>> Initiation
*3i Assumed Equal-Weight at Morgan Stanley, PT 710p
*Air Liquide Rated New Neutral at Main First Bank AG, PT EU102
*Continental Rated New Neutral at Citi, PT EU179.50
*Michelin Rated New Buy at Citi, PT EU117
*Restaurant Group Rated New Buy at Liberum, PT 450p
*Suez Rated New Equal-Weight at Barclays, PT EU14.50
*Valeo Rated New Buy at Citi, PT EU63
*VEDANTA Resumed Equal-Weight at Morgan Stanley, PT 930p
*Veolia Rated New Overweight at Barclays, PT EU19.40

>>> Call
>> Stock
*NORDEA ADDED TO CONVICTION BUY LIST AT GOLDMAN

FT : China Unicom shares jump 8% on word of “BAT� investment

Shares in state-run telco China Unicom rose as much as 8.2 per cent on word that China’s most powerful tech firms take stakes in the company as part of ownership reforms.

Alibaba, Tencent and Baidu will take stakes of varying size in China’s second-largest carrier by subscriber numbers as part of mixed-ownership reforms to its structure, according an unnamed source cited by China news site The Paper.

At pixel time shares in China Unicom’s Hong Kong-listed unit were trading 8.4 per cent higher at HK$9.51. On the mainland A-shares in the state-owned parent company had risen a limit-up 10 per cent to Rmb6.77.

China Unicom had previously let slip in October that it was being considered for a pilot run of ownership reforms for state-owned enterprises. Shares rose as much as 6 per cent following that announcement – a six-month peak from. They are now down 4.9 per cent from that mark.

While developments since “mixed ownership reform” made its debut last year as a policy buzzword have shown that the process will not entail the actual privatisation of state firms, this hasn’t stopped excitement around related moves when they bring in private sector investors that might help improve sluggish returns on state assets.

>>> Asian Update

Asia Mid-Session Market Update: Aussie building approvals plunge and miners suffer from lower iron ore prices; Traders await OPEC decision on output

***US Session Highlights***
- (US) Q3 PRELIMINARY GDP ANNUALIZED Q/Q: 3.2% V 3.0%E; PERSONAL CONSUMPTION: 2.8% V 2.3%E
- (US) Q3 PRELIMINARY GDP PRICE INDEX: 1.4% V 1.5%E; CORE PCE Q/Q: 1.7% V 1.7%E
- (US) SEPT S&P / CASE-SHILLER 20-CITY HPI M/M: 0.37% V 0.40%E; Y/Y: 5.08% V 5.20%E; HOUSE PRICE INDEX (HPI): 191.78 V 191.53 PRIOR
- (US) Nevada reports Oct casino Rev $986.2B, +11% y/y; Las Vegas strip rev $562.7M, +14% y/y
- (US) NOV CONSUMER CONFIDENCE: 107.1 V 101.5E (highest since July 2007)
- (US) Fed's Powell (moderate, FOMC voter): case for hike has strengthened since Nov meeting
- Oil prices slump on reports Iran is unwilling to meet the Saudis' demand they cut production too as part of any deal that can be reached tomorrow

***US markets on close: Dow +0.1%, S&P500 +0.1%, Nasdaq +0.2%***
- Best Sector in S&P500: Healthcare
- Worst Sector in S&P500:4 Basic Materials
- Biggest gainers: ALXN +5.2%, CNC +3.9%, UNH +3.6%, ABBV +3.6%, CHTR +3.6%
- Biggest losers: MNK -9.1%, DO -6.7%, FCX -5.1%, DLPH -4.3%, BAX -4.0%
- At the close: VIX 12.9 (-0.3pts); Treasuries: 2-yr 1.10% (flat), 10-yr 2.30% (-2bps), 30-yr 2.95% (-3bps)

***US movers afterhours***
- SCON: DOE Awards $4.5M to improve HTS Wire for next generation machines; +70% afterhours
- FMSA: Announces debt repurchase of $213M of term loaned; +12.5% afterhours
- SPLK: Reports Q3 $0.12 v $0.08e, R$244.8M v $230Me; Raises FY17 guidance +6.9% afterhours
- ADSK: Reports Q3 -$0.18 v -$0.24e, R$490M v $477Me, Guides Q4 -$0.39 to -$0.32 v -$0.30e, R$460-480M v $485Me; -2.0% afterhours
- FTD: CFO Becky Sheehan to depart; effective Dec 31st; -2.3% afterhours
- NTNX: Reports Q1 -$0.37 v -$0.44e, R$167M v $152Me; -3.8% afterhours

***Politics***
- (US) Steven Mnuchin said to be Pres-elect Trump's choice for Treasury Sec; May be formally named as soon as Wednesday - NY Times
- (US) Wilbur Ross expected to be named Commerce Sec under Pres-elect Trump - US press

***Asia Session Notable Observations, Speakers and Press***
- Optimism for OPEC deal in Vienna subsides as Iran and Saudi energy mins remain at odds over output ceiling; Algeria has floated that OPEC cuts production to 32.5M bpd.
- China regulators curb speculative flows into commodities, sending Dalian Iron Ore into an 8% dive; BHP and Rio Tinto down nearly 4%.
- Dollar majors rangebound; USD/JPY most volatile with upside bias as US treasury yields rise in Asian trade.
- Australia building approvals fall at the fastest pace in 5 years; Westpac expects mortgage loans to decline sharply.
- Japan industrial output in line with forecasts in Dec; Nov m/m revised much stronger to 4.5% v 2.1% prior
- RBNZ semi-annual financial stability review notes the system is sound but faces risks in Housing, offshore financing, and dairy; Sees Housing inflation dependent on low rates and rising wages, Bank Funding at risk from sovereign rating changes / vulnerabilities in China or Europe, Dairy sector remains overleveraged.

China
- (CN) China said to be considering loosening some job security measures for workers in order to help companies stay in business as economy slows - financial press
- (CN) PBoC denies speculation regarding suspension of certain mortgage lending - financial press
- (CN) China NDRC official: Need to improve the institutional environment to increase the flow of private capital given its large consumption potential - Chinese press

Australia
- (AU) Macquarie economist McIntyre expects RBA to cut rates two more times in H1 of 2017 to 1% - SMH
- (AU) Australia Treasurer Morrison has resisted calls to review negative gearing - AFR
- (AU) Westpac economist: Latest housing data is a clear sign the dwelling construction boom is starting to turn down - SMH

***Asia Key economic data:***
- (AU) AUSTRALIA OCT BUILDING APPROVALS M/M: -12.6% (3rd straight decline, biggest decline in 11 month) V 2.0%E; Y/Y: -24.9% (biggest decline in 5 years) V -6.2%E
- (AU) AUSTRALIA OCT PRIVATE SECTOR CREDIT M/M: 0.5% V 0.4%E; Y/Y: 5.3% V 5.2%E
- (JP) JAPAN OCT VEHICLE PRODUCTION Y/Y: -4.0% V 1.4% PRIOR (first decline in 3 months)
- (JP) JAPAN OCT PRELIMINARY INDUSTRIAL PRODUCTION M/M: 0.1% V 0.0%E; Y/Y: -1.3% (3-month low) V -1.3%E
- (JP) JAPAN OCT ANNUALIZED HOUSING STARTS: 983K V 964KE; Y/Y: 13.7% V 11.0%E
- (CN) China Nov Westpac Consumer Confidence Index: 114.9 v 117.1 prior
- (NZ) NEW ZEALAND NOV ANZ ACTIVITY OUTLOOK: 37.6 (3-month low) V 38.4 PRIOR; BUSINESS CONFIDENCE: 20.5 (3-month low) V 24.5 PRIOR
- (NZ) New Zealand Oct Money Supply M3 y/y: 7.1% v 4.8% prior; 5-month high
- (KR) SOUTH KOREA OCT INDUSTRIAL PRODUCTION M/M: -1.7% V -0.5%E; Y/Y:-1.6 % V -1.3%E

***Asian Equity Indices/Futures (00:00ET)***
- Nikkei +0.2%, Hang Seng +0.1%, Shanghai Composite -1.1%, ASX200 -0.4%, Kospi +0.1%
- Equity Futures: S&P e-mini flat, Dax flat, FTSE100 -0.1%

***FX ranges/Commodities/Fixed Income (00:00ET):***
- EUR 1.0625-1.0660; JPY 112.05-112.95; AUD 0.7460-0.7495; NZD 0.7125-0.7160
- Dec Gold flat at 1,190/oz; Jan Crude Oil +0.5% at $45.47/brl; Mar Copper -1.3% at $2.57/lb
- (US) Weekly API Oil Inventories: Crude: -0.7M v -1.3M prior; 2nd consecutive draw
- Algeria reportedly proposes OPEC cut to 32.5M bpd; proposes Angola cut from Sept output level - press
- USD/CNY: (CN) PBOC SETS YUAN MID POINT AT 6.8865 V 6.8889 PRIOR (3rd consecutive firmer setting; Strongest fix in a week)
- (JP) BOJ offers to buy ¥400B in 1-3yr JGBs, ¥420B in 3-5yr JGBs, ¥190B in 10-25yr JGBs, and ¥110B in JGBs with maturity over 25-yr
- (AU) Australia Finance Ministry (AOFM) sells A$900M in 4.25% 2026 bonds; avg yield 2.6436%; bid-to-cover 2.33x

***Asia equities / Notables / movers by sector***
- Consumer discretionary: Boyaa Interactive International 434.HK -1.6% (9mo result); Bosideng International Holdings 3998.HK +1.4% (H1 result); Aristocrat Leisure ALL.AU +1.0% (FY16 result); JB Hi-Fi JBH.AU +3.0% (Credit Suisse raised to neutral); L'Occitane 973.HK -1.7% (H1 result)
- Consumer staples: Golden Resources Development International 677.HK -1.1% (H1 result)
- Financials: China Vanke Co 000002.CN +1.1% (Evergrande raises stake); Mitsubishi UFJ Financial Group 8306.JP -0.6% (UBS cuts to neutral)
- Technology: Samsung Electronics 005930.KR +3.4% (momentum following corporate structure shift)
- Materials: St Barbara SBM.AU +0.9% (guidance); BHP.AU -3.7%, RIO.AU -3.8%, Fortescue FMG.AU -4.5% (Dalian Iron Ore falls 8%)
- Energy: China Gas Holdings 384.HK -4.7% (H1 result)
- Healthcare: Pulse Health PHG.AU +8.5% (acquisition)
- Telecom: China Unicom 762.HK +7.9% (mixed-ownership reform); Amaysim Australia AYS.AU -12.4% (guidance); Vocus Communications VOC.AU -6.6% (Morgan Stanley cuts to equal weight); NTT DoCoMo 9437.JP -0.8% (speculation over additional spending cut)
- Utilities: Chugoku Electric Power Co. 9504.JP +4.6% (raises guidance)

>>> US After Hours Summary: SPLK +5% / GWRE +2.5% on earnings/guidance

After Hours Summary: SPLK +5% / GWRE +2.5% on earnings/guidance, KMI +2% on Trans Mountain Project approval... ADSK -1.6% following earnings/guidance

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: CSBR +9.9% (thinly traded; also details new strategic emphasis), SPLK +5.3%, DL +4.1% (ticking higher), GWRE +2.5%

Companies trading higher in after hours in reaction to news: SCON +43% (awarded $4.5 mln DOE contract to improve HTS Wire for Next Generation Electric Machines program), WING +3.8% (will replace Papa John's International in the S&P SmallCap 600), KMI +2.1% (Government of Canada has granted approval for the Trans Mountain Expansion Project), BLDP +1.6% (Ballard Power signs supply agreement with Solaris; receives initial order for 10 fuel cell modules for trolley buses), PPS +1% (higher on S&P index change news - Mid-America Apartment Communities is acquiring Post Properties in a deal expected to be completed on December 1 pending final conditions)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: JRJC -5.9% (light volume), NTNX -3.5%, ANFI -2.9%, ADSK -1.6%

Companies trading lower in after hours in reaction to news: ARWR -60.1% (will discontinue development of clinical stage drug candidates ARC-520, ARC-521, and ARC-AAT, which utilize the DPCiv, or EX1, delivery vehicle), CERC -47% (announces top-line clinical results from its major depressive disorder Phase 2 clinical trial of adjunctive treatment of CERC-301; study misses primary endpoint), CMRE -8.4% (to offer 11 mln shares of common stock; also majority stockholders indicated their intention to purchase ~$10 mln of shares), EVH -7.2% (to offer $110 mln of convertible senior notes due 2021), FBP -4.2% (announces that Thomas H. Lee Partners and Oaktree commence secondary offering of 18 million shares), NLNK -2.3% (enters into controlled equity offering sales agreement), FTD -2.3% (ticking lower; CFO Becky Sheehan is leaving)

>>> S&P - MAA and AMSG to be added to S&P500; OI and LM demoted to S&P400; PZZA

MAA and AMSG to be added to S&P500; OI and LM demoted to S&P400; PZZA promoted to S&P400 index; WING added to S&P600; effective after close on Dec 1st S&P Dow Jones Indices will make the following changes to the S&P 500, S&P MidCap 400 and S&P SmallCap 600 indices after the close of trading on Thursday, December 1:

S&P MidCap 400 constituent Mid-America Apartment Communities Inc. (NYSE:MAA) will replace Owens-Illinois Inc. (NYSE:OI) in the S&P 500, and Owens-Illinois will replace MidAmerica Apartment Communities in the S&P MidCap 400. S&P SmallCap 600 constituent Papa Johns International Inc. (NASD:PZZA) will replace Post Properties Inc. (NYSE:PPS) in the S&P MidCap 400, and Wingstop Inc. (NASD:WING) will replace Papa Johns International in the S&P SmallCap 600. Mid-America Apartment Communities is acquiring Post Properties in a deal expected to be completed on December 1 pending final conditions. Owens-Illinois is ranked near the bottom of the S&P 500 and has a market capitalization more representative of the mid-cap market space.

S&P MidCap 400 constituent AmSurg Corp. (NASD: AMSG) will replace Legg Mason Inc. (NYSE:LM) in the S&P 500, and Legg Mason will replace AmSurg in the S&P MidCap 400. AmSurg is acquiring Envision Healthcare Holdings Inc. (NYSE:EVHC) in a transaction expected to be completed on December 1 pending final conditions. Post merger, AmSurg will change its name to Envision Healthcare Corp. and its Global Industry Classification (GICS) sub industry group to Health Care Services. Legg Mason is ranked near the bottom of the S&P 500 and has a market capitalization more representative of the mid-cap market space. Mid-America Apartment Communities, a real estate investment trust (REIT), is engaged in acquisition, redevelopment, new development, property management, and disposition of multifamily apartment communities. Headquartered in Memphis, TN, the company will be added to the S&P 500 GICS (Global Industry Classification Standard) Residential REITs Sub-Industry index

WSJ : Italy: The Next Stop on Populism’s Global March

Italy: The Next Stop on Populism’s Global March
Sunday’s national referendum represents a vote of confidence in Matteo Renzi’s government, and a possible opening for the populist 5 Star Movement

ROME—The founder of Italy’s populist 5 Star Movement showed off his growing confidence in a video posted ahead of Sunday’s pivotal national referendum.
“An era is going up in flames,” Beppe Grillo said as Donald Trump’s Election Night acceptance speech played in the background. “It’s the risk-takers, the stubborn, the barbarians who will carry the world forward…We will end up in government, and they will be asking, ‘How did they do it?’ ”
Italian voters will decide Sunday on a constitutional change that would effectively strip the Senate of most of its powers. It is a gamble by Prime Minister Matteo Renzi—for Italy and abroad—and a centerpiece of his efforts to more quickly revamp Italy’s sickly economy.

If he loses, Mr. Renzi, 41 years old, has pledged to resign, making the vote a sign of confidence in his nearly three-year-old government, and a possible test of populism’s reach. Mr. Renzi’s popularity is declining, and recent polls suggest a no vote will prevail, though many voters remain undecided.

Such an outcome would be the latest victory for antiestablishment politicians in a year that saw Brexit and a Trump presidential win, and would give a boost to the 5 Star Movement, which has opposed Mr. Renzi’s proposal as not radical enough. In Europe, as in the U.S., voters are angry at political elites and frustrated by slow growth. Elections are set next year in France, Germany and the Netherlands.
“The referendum is a lightning rod for divisions that are much, much deeper in society,” Economy Minister Pier Carlo Padoan said in an interview.
The economy in Italy, a perpetual worry for European policy makers for its high debt and political instability, has since 2007 endured one recession after another; 97% of households saw real income fall or stay flat in the past decade, consulting group McKinsey said, and the economy is 12% smaller.
At the end of 2015, nearly 60% of jobless Italians had been unemployed for at least a year, compared with 19% in the U.S., according to the he Organization for Economic Cooperation and Development. One million Italian jobs disappeared in the years after the financial crisis.
Such deep economic malaise has fueled the 5 Star Movement, which was founded in 2009 by Mr. Grillo, a well-known comic who had long included biting social commentary in his routines. The party began as a “cyber utopia” movement that placed deep faith in the power of direct democracy—choosing electoral candidates and platforms through online balloting.

Its popularity was ignited by demands for honesty among officeholders, as well as the group’s harsh criticism of Italy’s establishment parties.
Mr. Grillo contends Mr. Renzi’s constitutional reform falls short of the root-and-branch changes needed. “Amateurs are welcomed if professional politicians have brought the world to what it is now,” he said.
Mr. Grillo has his eye on the office of premier. Luigi Di Maio, age 30, the 5 Star parliamentarian who is deputy chairman of Italy’s lower house, is viewed as a possible candidate to lead a government headed by his group.
Markets have been unnerved at the prospect of a no vote. The 5 Star Movement calls for lower taxes, abrogating European Union fiscal commitments, renegotiating part of Italy’s €2 trillion debt ($2.1 trillion)—even printing money if need be. It supports a nonbinding referendum on Italy’s membership in the euro.
“We could think about two currencies: a national one and one that we use abroad, a sort of two-speed euro,” Mr. Grillo said. He supports keeping Italy in the EU, but wants changes and a rebalancing of power for its members.

Emerging stars
“Whoever is happy with 1% growth should have his head examined, but we’ve turned a corner,” Mr. Renzi told business leaders this fall, seeking support for his economic reforms. “There will be plenty of chances to send me packing, but if your vote is just a vote against the government, you’re throwing away a chance to change things in Italy for the next 30 years.”
Mr. Renzi burst into national prominence in 2013 as the mayor of Florence, taking control of the center-left Democratic Party. A self-described “Demolition Man,” Mr. Renzi was unburdened by ties to traditional centers of political power. Young and media savvy, he touted plans to shake up everything from Italy’s bureaucracy to its sluggish judicial system.