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Italy's larger banks are mulling a plan to offer support for two of the country's smaller lenders just days after European officials pushed for the rescue of Spain's fourth-largest bank.
Investors should keep buying UniCredit stock, analysts say, but sell Banco BPM and cool it on the rest of the Italian banking sector.
UniCredit traded firmly higher Friday after it said that investors have taken up the bulk of its record capital raise on the first day of its offering yesterday in Milan.
The rights issue launched on Thursday and was 99.8% subscribed by the close of business.
These are the five European earnings reports to keep on your radar screen next week.
UniCredit shares fell Thursday amid mixed trading for European banks, after steeply discounting the price of shares it will sell to investors as part of its capital raising.
The ECB's supervisory arm said bad loans on the balance sheet of Italy's banks totaled $305 billion in the three months ending in September, a modest decline.
UniCredit rebounded Tuesday even as Italy's largest lender added €1 billion to its expected full-year writedown and attempted to assure investors over its €13 billion cash call.
The Italian lender must tie up the sale of Pioneer and get its rights issue done inside the first quarter to ensure bondholders get paid.
Italy's central bank says rescue costs for Banca Monte dei Paschi will hit $9.25 billion.
Fixed income markets find late-year demand as investors get defensive following a record equity run.
Britain's benchmark FTSE 100 closed at a record high Wednesday as mining stocks lifted the index past 7,100
U.S. stocks moved slightly higher Tuesday in a quiet, shortened trading week.
The European Central Bank said troubled Italian bank Monte dei Paschi needs 8.8 billion euros in fresh capital.
European stocks edged higher, boosted by a string of actions in the region's banking sector linked to the sale of U.S. mortgage bonds.
The world's oldest bank, and Italy's No.3 lender, will receive funds from an emergency $21 billion bank bailout fund.
Nationalization now appears the only option for the Tuscan lender after it was unable to attract an anchor investor.
The FTSE 100 rose ahead of the holidays while the DAX slumped and the CAC40 was flat.
U.S. stock futures post slight losses as investors await data on U.S. growth and durable goods; Carl Icahn is named special adviser to President-elect Donald Trump on overhauling federal regulations.
Markets focus on bondholder losses after the Tuscan lender falls $3.1 billion short of required capital.
European stocks are likely to post modest losses Thursday as a slower holiday trading pace takes over regional markets.
Markets fell on Wednesday with no clear winner emerging from the tussle between higher-risk and defensive stocks.
Multiple concerns leave Europe preparing for its first major-bank failure since the crisis
Italy's banking sector might get as much as $21 billion in government support as lawmakers ponder new borrowing.
Banks were the biggest detractor from returns as Monte Paschi and Deutsche Bank weighed amid risk-off trading
Atlante has raised questions over the structure of the securitization of nonperforming loans, heaping more doubt on whether Monte dei Paschi can meet its bailout deadline.
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