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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%.
On Wednesday, Asian equities stood still due to the fact that worries over the outlook for global economic surge as well as the everlasting China-US trade clash kept market participants away from risky assets…
On Tuesday, Asian equities headed south along with crude prices due to the fact that downbeat mood about world surge drove traders away from risky assets…
On Monday, London markets managed to gain due to the fact that traders weighed up the latest China surge data and also waited for UK Prime Minister Theresa May to outline her fresh Brexit proposal to the country’s parliament…
Safe havens such as gold and Japanese yen declined as investors sentiment was boosted by eased geopolitical tensions…
On Tuesday, the euro tacked on because market participants waited for reports on inflation and growth in the euro zone, while the Japanese yen went down after Japan’s major bank told it would be more flexible in its huge stimulus program…
On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…
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