11/25/2016, 9:41 AM (Source: TeleTrader)
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Monte Paschi di Siena suspended, indexes go red

Stock markets in the Eurozone turned to losses in early trading, as the banking sector was shaken following the suspension from trading of the world's oldest bank, the Banca Monte dei Paschi di Siena (MPS) SpA.

Investors turned bearish after yesterday its shareholders approved a plan to salvage the lender, where its future depends on a massive capital boost, restructuring, finding a strategic partner and persuading creditors to convert debt to equity. MPS plunged 5.48% to 21.75 euro cents per share after opening and headed lower after a pause. It lost more than four fifths of its value this year.

At 9:26 a.m. CET, the FTSE 100 ticked 0.02% to negative territory. At the same time, Italian FTSE MIB lost 0.29%, the DAX dipped 0.24% and the CAC 40 slipped 0.21%. Mediobanca, Commerzbank and Deutsche Bank were all down slightly more than 1% and Lloyds fell 0.97%.

Breaking the News / IT