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European stocks jump after Italian bank bailout
On Monday, European equities leapt because Italy announced that it would pay €17 billion in taxpayers’ money for the purpose of bailing out two of its regional banks.
The Euro Stoxx 50 surged 0.91%, Germany’s DAX 30 gained 0.71% and France’s CAC 40 added 1.04%.
On Sunday, the Italian government announced its intention to wind down Banca Popolare di Vicenza along with Veneto Banca.
As part of this deal, the country’s largest retail bank Intesa Sanpaolo is bound to get the good assets from both lenders as well as €4.8 billion from the government just to sustain its capital ratio.
Aside from that, Rome will ensure state guarantees for the nonperforming loans, which could reach €12 billion.
Meanwhile, Italian bank stocks climbed up on the back of the news with UBI Banca, Intesa, UniCredit, Mediobanca, Banca Pop Emilia Romagna as well as Banco Bpm all surged more than 2% on Monday.
In London, the FTSE 100 inched up 0.55%.
The bullish movement in the stock market is gaining speed, and Bitcoin ETFs are closer than they might seem. What do we need to know for the next trading week?
On Wednesday, September 22, Microsoft will be holding a product launch. The event starts at 18:00 GTM + 3.
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
Every week we expect many interesting events that can shake the market.