UPDATE:
Italian Prime Minister Matteo Renzi is to step down after losing a referendum on Sunday over reforms to the EU constitution.
Italy's PM #Renzi says he'll resign Monday. He has lost the #italyreferendum by a huge margin. Populism marches on. He was the future once.
— Bill Neely (@BillNeelyReport) December 4, 2016
https://twitter.com/intlspectator/status/805535693225148416
Italian PM Matteo Renzi announces he will resign after clear defeat in referendum on constitutional change https://t.co/f8DtPzXNFi
— BBC Breaking News (@BBCBreaking) December 4, 2016
Euro skids as Italy votes 'No' on reform, dollar in demand https://t.co/0GoZGc2uUG
— Reuters (@Reuters) December 4, 2016
#italianreferendum's No victory is gruesome news for Monte dei Paschi di Siena, the dying Italian bank trying to raise 5B euros in capital.
— Eric Reguly (@ereguly) December 5, 2016
The big Q around 2016 is whether it is the start of our 1930s where the existing order unravels. Italy result a step in that direction.
— Tom Wright (@thomaswright08) December 4, 2016
EARLIER: This has been a crucial weekend for the political future of Europe, with a constitutional referendum in Italy and a re-run Presidential election in Austria, amid a seeming tide of electoral populism making the longer-term implications of both contests uncertain.
Austria's Far Right has conceded defeat in its attempt to win the country's Presidency according to Agency AFP. #hofer2016 #Austrianelection
— Bill Neely (@BillNeelyReport) December 4, 2016
Austria will remain a reliable and trustworthy partner of the European Union. Take that @Nigel_Farage, Marine @lepen pic.twitter.com/VDNFhmEIxU
— Eugen Freund (@EugenAFreund) December 4, 2016
EARLIER:
A "no" vote in today's referendum could very well empower Italy's populist movement https://t.co/oD8GrEHySC pic.twitter.com/AAXSsZsBai
— The Brookings Institution (@BrookingsInst) December 4, 2016
Europe is bracing for #Italy's constitutional referendum today. Robert Kahn on what it could mean: https://t.co/zouDDal0f8
— Council on Foreign Relations (@CFR_org) December 4, 2016
Austria presidential election re-run 'too close to call' – BBC News https://t.co/JrRhcEGlMd
— Christophe Rouillon (@ch_rouillon) December 4, 2016
Will the far-right Freedom Party of Austria, founded by former SS officers, win the presidency? https://t.co/5akUXUqCzT
— The Economist (@TheEconomist) December 4, 2016
Is Europe in meltdown mode? Here's what's happening in four countries this week: https://t.co/v1SxbCbrDl pic.twitter.com/W8zLy8baYf
— Slate (@Slate) December 4, 2016
***
BREXIT
Meanwhile in Britain, Monday is another big day…
The Supreme Court ruling on Brexit is due – and we must consider what 'the will of the people' really means https://t.co/dz7MZpXOzB
— The Independent (@Independent) December 4, 2016
Boris Johnson outlines four-point blueprint Government wants to achieve when it negotiates UK's exit from the EU https://t.co/Qbh178EWfc
— Sky News (@SkyNews) December 4, 2016
Totally farcical. Maybe the Govnt will smell the coffee and work out they need to be clear on their Brexit plans https://t.co/PQ1FkAoy3x
— David Lammy (@DavidLammy) December 4, 2016
Pro-Brexit Daily Mail now worried Brexit may affect its profits https://t.co/4KMrrtPoO3
— The Independent (@Independent) December 4, 2016
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WORLD
John Key reveals why he resigned as the Prime Minister of New Zealand: https://t.co/SLlUQNQeVI
— nzherald (@nzherald) December 5, 2016
A day that began with prayers ended with victory dances Sunday. #DAPL https://t.co/c1PYFDGtk5
— USA TODAY (@USATODAY) December 5, 2016
Lest we give in to discouragement, this should inspire us all to believe in our power 2 do hard things #standingrock https://t.co/1Cz4BQSdtg
— Wendy Davis (@wendydavis) December 5, 2016
Cuba puts Fidel Castro to rest: "A man so large in a box so small" https://t.co/uXKCiYhYdC pic.twitter.com/yYX57AUb7o
— The New York Times (@nytimes) December 4, 2016
Fidel Castro funeral: Crowds line streets to greet cortege https://t.co/ohLbobZyDy
— BBC News (World) (@BBCWorld) December 4, 2016
Tragic..
At least 33 confirmed deaths, and more expected from Oakland, Calif. fire https://t.co/FSR1yJuMSg
— The Wall Street Journal (@WSJ) December 4, 2016
"It was a tinderbox": Site of Oakland warehouse fire was jammed with flammable objects https://t.co/PS9KLatZxp
— The Washington Post (@washingtonpost) December 4, 2016
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SPORTS
Chapecoense are to be named the 2016 Copa Sudamericana champions, their interim president has said: https://t.co/8edVTlU6EO pic.twitter.com/VslgWjD5wM
— ESPN FC (@ESPNFC) December 4, 2016
Pictured: AC Milan's classy tribute to Chapecoense this afternoon#ForcaChape pic.twitter.com/0SRxOijNYn
— talkSPORT (@talkSPORT) December 4, 2016
The Overnight Note 