Italian banks push FTSE MIB higher on budget optimism
Italian banking sector saw gains in early trading during the European session on Wednesday pushing the benchmark FTSE MIB index higher, as the positive sentiment was propped up by budget draft optimism. Meanwhile, yields on Italian government debt fell, with the 10-year yield declining to a low of 3.504%, biggest drop seen in almost 30 days.
Local media reported earlier today that Italian Deputy Prime Minister Matteo Salvini was ready to consider budget revisions, in anticipation of the European Commission's notes on rome's 2019 budget draft.
Ubi Banca jumped 2.88% at 9:58 am CET, while Intesa Sanpaolo was up 2.59% at the same time. Meanwhile, UniCredit rose 2.21% at 10:00 pm CET, with Mediobanca increasing 1.44% at the same time. The FTSE MIB advanced 1.21% at 10:01 am CET.