Far-right candidate concedes in Austria's presidential vote (ALL EYES TURN TO ITALY)

The far-right Freedom Party's Norbert Hofer conceded defeat on his Facebook page less than 30 minutes after polls closed and following projections showing a surprisingly strong lead for Alexander Van der Bellen. The 72-year-old elder statesman and former Green Party politician was winning by 53.3 percent to 46.7 percent with nearly 100 percent of the votes counted.

The result was an unexpectedly clear victory for Austria's beleaguered political establishment -- one suggesting the aggressive tactics and Trump-style campaign deployed by the Austrian far-right may have hurt more than they helped.

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Yet Europe's political establishment was not out of the woods yet. In Italy, voting continued on a reform referendum opposed by anti-establishment populists across the political spectrum. Center-left Prime Minister Matteo Renzi has vowed to resign should it fail -- a move that could plunge Europe's third largest economy into a new round of political chaos while fanning fresh concerns about the country's ailing banks. Opinion polls have suggested the result may be a nail biter.