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EU markets buoyed, Italian banks shares rise due to budget talks progress

  • Regular
  • Economy
  • 5 months ago
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The Eurozone has taken a bit of a breather in today’s trading sessions so far, with the decline in oil prices and news that Italy may have come to a budget agreement with brussels, the pan-European Stoxx600 inched up by 0.2% and most sectors moving away from the red zone with the banking sector leading the way as it climbed by 0.5%.

Italy’s budget standoff coming to an end boosted its banks as Unicredit, Ubi Banca and Banco BPM all sprung up by 2.5%.

Over in the U.K., GlaxoSmithKline rose by 6% as it announced that it intends to divide into two different businesses, following its merger with Pfizer, it will have one sector focusing on prescription and vaccines while the other arm would see to continue the production of over-the-counter products.

Inflation fell to a 20-month low as the day continues to be full of data announcements and sentiment seems to be rather prudent as Brexit still remains a conundrum prompting the pound to remain unchanged against the greenback at $1.2645.

Meanwhile France’s Natixis Bank dropped by 7% in morning trading, following losses of $296 million from Asian contracts.

 

Source: Smart Trend Team