Italian bank stocks rebound as government waters down windfall tax

  • 📰 CNBC
  • ⏱ Reading Time:
  • 10 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 7%
  • Publisher: 72%

United States News News

United States United States Latest News,United States United States Headlines

Italian bank shares rebounded after the government reduced a surprise windfall tax on excess profits. The finance ministry announced that the levy on net interest income would be capped at 0.1% of risk-weighted assets, calming market jitters.

all fell sharply during Tuesday trading wiping out more than 9 billion euros from the market capitalization of the Italian banking sector.

Finecobank shares recovered 6% by mid-morning on Wednesday, while Unicredit and BPER Banca were both up by more than 4%. Banco BPM and Intesa Sanpaolo each gained more than 3%.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in US
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

United States United States Latest News, United States United States Headlines