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11/28/2016, 1:01 PM (Source: TeleTrader)
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Europe trades lower, Italian banks plummet

Markets in Europe traded in the red on Monday as the Italian banking sector suffered sharp losses on worries that the outcome of the upcoming constitutional referendum could lead to Prime Minister Matteo Renzi’s resignation and the fall of the country’s banks.

Italian FTSE MIB tumbled 1.47% at 12:34 p.m. CET.

Monte dei Paschi plummeted 10.60% at 12:46 p.m. CET. Banco Popolare sank 3.62% at 12:48 p.m. CET and Unicredit declined 3.40% at 12:51 p.m. CET. Banca Popolare di Milano, Banca Popolare Emil Romagna, Intesa Sanpaolo, Mediobanca and Finecobank also fell significantly.

Other European indexes were also in negative territory, as the FTSE 100 decreased 0.62%, the DAX shed 0.93% and the CAC 40 lost 0.79% at 12:54 p.m. CET.

Breaking the News / NP