Italian deadlock sends markets downward

Italy has emerged from elections with no clear winner, driving markets around the world markedly lower as investors worried that one of Europe’s biggest economies would be unable to stay the course on austerity measures.

A day after polling ended a few seats in parliament based on Italians voting abroad still remained to be decided, but their numbers will ease the deadlock. European leaders pleaded with politicians in Italy to quickly form a government to continue to enact reforms to lower Italy’s critically high debt and spare Europe another rise in its four-year financial crisis.