Venerdì, 21 Settembre 2018
MILAN

European stocks down as Cyprus bailout offer hits financials

English
© ANSA

Milan, March 18 - European stocks ended Monday
mostly lower after an EU-bailout proposal for Cyprus which
called for a levy on bank deposits cast new worries about
weakness in the regions' periphery.
Investors were particularly negative on banking stocks
after the precedent set in Cyprus where bank accounts with more
than 100,000 euros are to be hit with a one-off tax of 9.9%.
The proposed Cyprus bailout marks the first time depositors
are set to take losses and raised fears the move could be copied
in other troubled economies, like Spain's and Italy's.
Following news of the Cyprus proposal, the spread between
Italy's 10-year debt and its German counterpart jumped from
Friday's close of 314 basis points to 334 basis points at market
open.
After peaking at 344 basis points, the spread settled a bit
at close, dropping to 323 points.
In Milan, the FTSE-Mib ended the day down 0.9% at
15,924.13, while Spain's IBEX 35 lost 1.3% at 8,507.80.
Paris's CAC 40 shaved 0.5% to 3,825.47, Frankfurt's DAX 30
dropped 0.4% to 8,010.70 and London's FTSE 100 ended down 0.5%
to 6,457.92.
In Italy, shares in troubled lender Monte dei Paschi di
Siena (MPS) dropped 5.03%, followed by UniCredit, down 3.51%,
Intesa Sanpaolo, down 2.52% and UBI, down 2.51%.
Shares in STM, a producer of chips and processors for
computers and mobile phones, jumped 5.4% after the company
announced it was exiting a lossmaking joint venture with
Sweden's Ericsson in a type of phone processor.
Of the other blue chips Telecom Italia lost 1.61% after it
predicted a drop in phone traffic of some 3-5% for the current
year.
Other industrials also gained, including Fiat (+1.38%),
Finmeccanica (+2.32%) and Saipem (0.65%).

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