Political landscape reconfiguration

Italy referendum result could send shockwaves through markets and DESTROY Europe

Analysts believe the outcome of the ballot on constitutional reform could have massive global implications.

With many European leaders already coming under severe pressure from anti-EU parties ahead of elections next year the significance of the Italian result is huge.

Defeat for Italian Prime Minister Matteo Renzi could lead to even deeper social turmoil in countries already struggling with austerity, immigration problems and a growing contempt for Brussels.

Maria Paola Toschi, global market strategist at JP Morgan Asset Management told CNBC: "The upcoming Italian referendum this December may create volatility across markets as the year draws to a close." 

Ms Toschi said the referendum is widely considered as political test for Italy and its leader Matteo Renzi. 

She said: "A victory for Yes could reinforce the empowerment of the current coalition on an ambitious program of reforms.