Darius McDermott: What to tell clients about the outlook for Europe

What will it take to upset markets? If Brexit saw UK stocks reach record highs - albeit after an initial shock - and Donald Trump's victory in the US presidential election failed to send markets crashing, it is perhaps not surprising in hindsight that European equities traded higher last week after another ‘anti-establishment' vote in the Italian referendum. On the face of it, the result should prove negative for Italian - and European - risk assets as Italy has lost an opportunity for direly-needed reforms. Outgoing prime minister Matteo Renzi's proposed changes to the constitution were...