Skies darken over Italian banks despite post-referendum calm

Dark Skies CollIseum Rome Fotolia 230x150
By Jon Hay, Tyler Davies
05 Dec 2016

The 'no' vote in Italy’s referendum on constitutional reform was met on Monday morning with a muted reaction in credit and equity markets but, with profound uncertainty overhanging the political situation and Banca Monte dei Paschi di Siena’s rescue plan, analysts are not optimistic about the performance of the Italian financial sector in the short term.

Italian bank spreads moved wider across the morning on low trading volumes, while Europe-wide senior and subordinated spreads remained stable.

UniCredit’s share price had fallen more than 4% across the same period and shares were also down around 3% for Mediobanca and Intesa SanPaolo, but equity indices had ...

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