10/22/2018, 10:49 AM (Source: TeleTrader)
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Italian banks jump as FTSE MIB rallies

Banking sector in Italy bounced back on Monday after Italian bonds saw an increase, in anticipation of Rome's letter to the European Commission clarifying the governments plans for a 2.4% budget deficit target for 2019. During morning trading, bonds rose after Moody's decided to downgrade Italy's credit rating from "Baa2" to "Baa3" on Friday, stating the outlook for the country was stable.

Intesa Sanpaolo jumped 1.55% at 10:17 am CET, while Ubi Banca rose of 1.32% at the same time. UniCredit increased 0.12% at 10:29 am CET. The benchmark FTSE MIB was up 0.67% at 10:30 am CET.

The euro gained 0.03% against the greenback, to go for 1.1518 at 10:48 am CET.

Breaking the News / BM