Italy is central to the bull case for euro-zone stockmarkets

PITY THE broker of European shares. He spends his afternoons making calls to investors in America. Few are returned. His clients are tired of Europe and its vaccine snafus. Even a good-news story, such as Mario Draghi becoming prime minister of Italy, has little traction. Italy is central to the fortunes of the euro zone. Mr Draghi is a reformer to be reckoned with. But a lot of people think the country cannot be fixed. “If God descended from heaven and became Italy’s prime minister,” says a hedge-fund boss, “the market still would not rally.”