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Photo: Alberto PIZZOLI / AFP via Getty Images

Political chaos in Italy is hitting the financial markets, the WSJ reports, with new elections carrying the risk that Italy’s surging populist parties could move to take the country out of the euro.

Big picture: Italy's president Sergio Mattarella vetoed a government proposed by the Five Star Movement and the League — the two big populist winners from March's election — because it included a nominee for finance minister who has repeatedly advocated for leaving the Euro. Now there will be fresh elections in the coming months, and the future of the Euro could be front and center. That prospect has led to mass selling of European debt, and the Dow has dropped by more than 400 points.

Go deeper

In photos: D.C. and U.S. states on alert for pre-inauguration violence

National Guard troops stand behind security fencing with the dome of the U.S. Capitol Building behind them, on Jan. 16. Photo: Kent Nishimura / Los Angeles Times via Getty Images

Security has been stepped up in Washington, D.C., and state capitols across the U.S. as authorities brace for potential violence this weekend.

Driving the news: Following the Jan. 6 insurrection at the U.S. Capitol by some supporters of President Trump, the FBI has said there could be armed protests in D.C. and in all 50 state capitols in the run-up to President-elect Joe Biden's inauguration Wednesday.

12 hours ago - Politics & Policy

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Illustration: Sarah Grillo/Axios

The Axios subject-matter experts brief you on the incoming administration's plans and team.

Rep. Lou Correa tests positive for COVID-19

Lou Correa. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

Rep. Lou Correa (D-Calif.) announced on Saturday that he has tested positive for the coronavirus.

Why it matters: Correa is the latest Democratic lawmaker to share his positive test results after last week's deadly Capitol riot. Correa did not shelter in the designated safe zone with his congressional colleagues during the siege, per a spokesperson, instead staying outside to help Capitol Police.