INTERNATIONAL

Italy Cuts Discount Rate After Labor Accord: The government reduced the rate by 1 percentage point to the lowest level in 17 years after a key labor accord was settled over the weekend. The Bank of Italy said the rate will fall to 9% from 10%. The move followed Thursday’s half-point cut in the German Bundesbank’s discount rate, which triggered a round of rate cuts by other European central banks. Economists had been expecting a half-point or 1-point reduction in the Italian discount rate.