Five Star Movement beats Renzi's PD to clinch mayoral victories in Rome and Turin

Yet another blow for establishment politics in the European Union, which is already struggling to cope up with the rise of Euro-skeptics, far leftists, far-rightists, and the populists. In a Mayoral election, Italy’s populist Five Star Movement (5SM) has secured a win in Rome and Turin, two of the most prominent cities in the country. So far the group held positions in small suburbs but never in a big city. Virginia Raggi, a 37-year old lawyer is the first female mayor of Rome and Chiara Appendino, a 31-year old business graduate secured a win in Turin. These are severe blows for centre-left Prime Minister Renzi. His candidate won Milan but only by a narrow margin.

With these setbacks, an early election in Italy is unlikely, instead Prime Minister Renzi is likely to continue till his term ends in 2018. According to a poll by La7 TV, were the general election to be held today, Renzi’s centre-left would secure 31.3 percent of the votes followed by 30.3 percent for 5SM and 28.3 percent.

Five Star Movement was created by controversial comedian Beppe Grillo but gained momentum once he stepped down and younger leaders took charge.

Italy's benchmark stock index, FTSEMIB shrugged off the result and up 3.3 percent so far today over change of mood in UK with regard to the referendum.