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10/3/2018, 11:21 AM (Source: TeleTrader)
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Italian banks bounce back on lowering deficit targets reports

Banking sector in Italy recovered on Wednesday after days of losses, on new reports regarding the lowering of budget deficit targets after 2019. According to local daily news outlets, citing sources within the ruling the Five Star Movement (M5S), the government in Rome is set to reduce the 2020 and 2021 targets to 2.2% and 2%, respectively, while keeping the 2019 at 2.4%.

Meanwhile, prices of government debt took back what they lost yesterday, with yields on ten-year notes and two-year notes dropping, following the reports. The benchmark FTSE MIB index was up 0.45% ar 11:05 am CET.

UniCredit shares rose 0.53% at 10:51 am CET, while Intesa Sanpaolo increased 0.78% at the same time. Shares of Mediobanca were up 0.43% at 10:52 pm CET. The euro gained 0.14% against the greenback to go for 1.1563 at 11:18 am CET.

Breaking the News / BM