What's Next for Italy's Troubled Banks?
Banca Monte dei Paschi di Siena SpA led Italian banks to new record lows in Milan on Monday amid fresh concerns the country’s lenders are under pressure to raise capital to bolster their finances. Italian Prime Minister Matteo Renzi is weighing injecting capital into the nation’s banks after Britain’s vote to leave the European Union jolted stock markets, aggravating the decline in Italy’s lenders. The plan has drawn opposition from Germany and is pitting Renzi against the EU amid concern government funding would violate the region’s state-aid rules. Seven of the 10 biggest decliners in the STOXX 600 Banks Index were Italian lenders, with Monte Paschi dropping 8.2 percent as of 9:40 a.m., while UniCredit SpA fell 3.3 percent. CCLA Investment Management Chief Investment Officer James Bevan discusses with "On the Move" host Guy Johnson.
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