Italian shares and bonds lost earlier gains after election projections showed former prime minister Silvio Berlusconi's conservative bloc leading in the Senate, contradicting initial exit polls and raising the specter of deadlock in parliament.
The markets are going lower on this news. Since the results are so confusing, it's probably wise to wait for the actual results.
Beppe Grillo (Five Stars) is currently winning the single-party totals, so there may be some upheavals ahead. Both Grillo and Berlusconi's group are anti-austerity.