Italy ‘no’ vote could spark EM risk aversion

A ‘no’ vote in Italy’s constitutional referendum this coming Sunday would likely spark a short-term ‘risk off’ move by global investors, including in emerging markets, warn fund managers. And that may be the least of their concerns, in light of banking-sector problems and a rising tide of populism in Europe. Meanwhile, the direct impact on Asian investors of a negative referendum vote – which polls suggest is the likely outcome – is not likely to be marked, suggest portfolio manag…