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☆ Investors hope U.S. job numbers give Fed less reason to hike
▼ + stars: | 2023-10-06 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

Although the MSCI All-Country stock index (.MIWD00000PUS) was 0.2% higher, it has lost about 8% since its July peak, leaving it about 7% ahead for the year. We are talking about the duration, rather than higher rates," Spencer said. The dollar index is up 12 weeks in a row, equalling a streak that ran from July to October 2014. The dollar index was steady on Friday at 106.38. Gold was also steady at $1,821 an ounce after nine days of losses driven by rising global bond yields.

Persons: Brendan McDermid, Nonfarm, Patrick Spencer, RW Baird, Spencer, YEN, Kyle Rodda, Huw Jones, Tom Westbrook, Shri Navaratnam, Clarence Fernandez, Chizu Organizations: New York Stock Exchange, REUTERS, Federal, Treasury, Global, Analysts, Tokyo's Nikkei, London, Thomson Locations: New York City, U.S, Europe, Asia, Pacific, Japan

The government last week revisited a 40% tax on banks' net interest margin (NIM) that it had introduced in a shock move in August. Lenders now have the option to boost reserves by an amount equivalent to 2.5 times the tax. Economy Minister Giancarlo Giorgetti said on Sept. 27 the final outcome of the process would be "a great bank policy measure" that makes Italy's banks the strongest in Europe. The law requires banks that forego the tax to set aside money under ad hoc reserves in their accounts. If forced to boost capital through the ad hoc reserves, banks can use larger buybacks over time to compensate shareholders, one of the sources said.

Persons: Giancarlo Giorgetti, Remo Casilli, Banks, Luigi Lovaglio, Andrea Orcel, Giorgia Meloni, Giorgetti, Bernadette Baum Organizations: REUTERS, Treasury, Economy, European Central Bank, Monte, Thomson Locations: Rome, Italy, ROME, Europe, Monte dei, Siena

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. A near-miss on a debt ceiling showdown in the Spring led to the loss of another Triple-A sovereign credit rating. A fiscal adjustment akin to the one enacted in 1993 would be enough to do that again over 5 years. "However, this looks unlikely anytime soon given congressional gridlock, a lack of political attention to deficit reduction and the upcoming 2024 election," it concluded. On current poll readings at least, next year's election will do nothing to end the fiscal war.

Persons: Brendan McDermid, it's, Donald Trump, Democrat Joe Biden, Erik Nielsen, what's, Stephen Jen, Jen, Trump, Biden, Goldman Sachs, Goldman, William Maclean Organizations: New York Stock Exchange, REUTERS, U.S, Presidential, AAA, Democrat, Biden, Trump, Congress, Ukraine, Treasury, Republican, Reuters, GRIDLOCK, Thomson Locations: New York City, U.S, loggerheads, Russia, Ukraine, United States

☆ Putin signs decree permitting Italy's Intesa to sell Russian assets
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +2 min

Russian President Vladimir Putin delivers a speech during a concert dedicated to the 100th birth anniversary of Soviet and Russian poet Rasul Gamzatov at the State Kremlin Palace in Moscow, Russia, September 28, 2023. Sputnik/Aleksey Nikolskyi/Kremlin via REUTERS/file photo Acquire Licensing RightsMOSCOW, Sept 29 (Reuters) - Russian President Vladimir Putin has signed a decree giving Italian bank Intesa Sanpaolo (ISP.MI) permission to sell or dispose of its assets in Russia, a document posted on a Russian government website showed on Friday. The latest decree said Moscow was permitting transactions that would lead to the direct or indirect disposal of 100% of Intesa's shares. It stopped new financing to Russian clients and fresh investments in Russian assets when the conflict broke out. The green light for Intesa could pave the way for similar approvals for other lenders still entangled in Russia.

Persons: Vladimir Putin, Rasul Gamzatov, Aleksey Nikolskyi, Putin, Intesa, UniCredit, Maxim Rodionov, Alexander Marrow, Susan Fenton, Mark Potter Organizations: Sputnik, REUTERS, Rights, Reuters, Raiffeisen Bank, Thomson Locations: Russian, Moscow, Russia, Kremlin, Ukraine

☆ UniCredit picks headhunters to advise board on own slate of nominees
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: 1 min

The UniCredit bank logo in the old city centre of Siena, Italy, June 29, 2017. REUTERS/Stefano Rellandini/File Photo Acquire Licensing RightsMILANO, Sept 26 (Reuters) - UniCredit (CRDI.MI) said on Tuesday it had mandated Egon Zehnder and Spencer Stuart as headhunters to support the board in identifying candidates to be included in the slate of nominees current directors will put forward to appoint their successors. The current board is up for renewal next spring. In June UniCredit Chief Executive Andrea Orcel said he would be "definitely up for more," when asked about whether he would seek a new mandate at the helm of the Italian bank. Reporting by Gianluca Semeraro; editing by Valentina ZaOur Standards: The Thomson Reuters Trust Principles.

Persons: Stefano Rellandini, Egon Zehnder, Spencer Stuart, Andrea Orcel, Gianluca Semeraro, Valentina Za Organizations: REUTERS, UniCredit, Thomson Locations: Siena, Italy, Italian

☆ Meloni’s Italian job is a lesson for EU’s right
▼ + stars: | 2023-09-26 | by ( Lisa Jucca | ) www.reuters.com time to read: +7 min

This is particularly true of Meloni’s surprise decision in August to tax what she called “unjust profits” by domestic banks. Ill-fated tax credits for building renovations introduced by a previous executive are expected to balloon to up to 150 billion euros, UniCredit analysts reckon. That’s 30 billion euros higher than what the current government predicted in April, or around 1.5% of GDP. That’s Meloni’s biggest Italian lesson for parties like Vox and AfD. CONTEXT NEWSThe Italian Treasury will present new economic targets on Sept. 28, which will be the framework for the country’s 2024 budget.

Persons: Spain’s, Benito Mussolini’s “, Rome ”, Ursula von der Leyen, Meloni, Vladimir Putin, –, Silvio Berlusconi, Matteo Salvini – Meloni, ”, Mario Draghi’s, it’s, Giancarlo Giorgetti, Liz Truss, Meloni’s, Vox, Giorgia Meloni, Francesco Guerrera, Oliver Taslic Organizations: Reuters, NATO, European Union, EU, Commission, Economy, Italian Treasury, Thomson Locations: Rome, Italy, Ukraine, Kyiv, China, Greece, Brussels, British, Italian

☆ Italy has no buyers for Monte dei Paschi, eyes small share sales instead of exit, sources say
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +2 min

General view of a branch of Monte dei Paschi di Siena (MPS), the oldest bank in the world, which is facing massive layoffs as part of a planned business merger, in Siena, Italy, August 11 2021. Reuters was first in May to report the Treasury was open to selling down its Monte dei Paschi (MPS) stake on the market if conditions were right. Though the Treasury is considering cutting its stake with share placements, it would retain majority ownership, one of the sources said. Bankers said the capital raise has made any deal more expensive for any buyer, complicating the prospect for a merger. Reporting by Giuseppe Fonte in Roma and Valentina Za in Milan; editing by Alvise ArmelliniOur Standards: The Thomson Reuters Trust Principles.

Persons: Jennifer Lorenzini, Rome, Luigi Lovaglio, Lovaglio, Giuseppe Fonte, Valentina Za, Alvise Organizations: REUTERS, European, Reuters, Treasury, EU, MPS, Banco, Bankers, Thomson Locations: Monte dei, Siena, Italy, Roma, Milan

☆ UniCredit cements lead as top-performing euro zone bank stock
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +1 min

Unicredit logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsMILAN, Sept 21 (Reuters) - Shares in Italian lender UniCredit (CRDI.MI) rose further on Thursday, hitting their highest since January 2016 and cementing their lead as top-performing euro zone bank stock of 2023. Giving further impetus to UniCredit's rally was the bank's surprise announcement on Wednesday to bring forward up to 2.5 billion euros of its 2023 share buyback plan. "This move comes largely unexpected and sends a message of confidence about the next few months despite the uncertain outlook: we expect UCG will continue to outperform in the near to medium term," wrote Deutsche Bank analysts in a note. Reporting by Danilo Masoni; Editing by Amanda CooperOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, UniCredit, Danilo Masoni, Amanda Cooper Organizations: REUTERS, BPER Banca, Banco, Deutsche Bank, Thomson

"The inflation momentum is simply too strong for the ECB to pause," Danske Bank economist Piet Haines Christiansen said. In contrast, markets have fully priced in unchanged rates at next week's meeting of the U.S. Federal Reserve, which started raising rates earlier and has moved higher than the ECB. "We doubt that this will be possible and expect that a decision to hold rates steady today would mark the end of the tightening cycle." The euro zone's biggest economy, Germany, is bearing the brunt of an industrial slump and heading for recession, according to several forecasts. ECB President Christine Lagarde will hold a news conference at 1245 GMT.

Persons: Piet Haines Christiansen, Dirk Schumacher, Christine Lagarde, Catherine Evans Organizations: ECB, European Central Bank, Reuters, Danske Bank, U.S . Federal Reserve, Services, Thomson Locations: FRANKFURT, Germany

ECB President Christine Lagarde has said the latest rate decision will be made based on available data, a switch from the last nine meetings when rate hikes were signaled ahead of time. But Valli added that it was “a very close call.”Market indicators of future rate moves show many are leaning against an ECB rate hike Thursday. They are betting that the U.S. Federal Reserve might manage a “soft landing” by finishing its rate hikes without pushing the economy into a downturn. Economists and investors generally expect the Fed to skip a rate hike at its meeting next week, but it could increase again in November. The flip side is that rate hikes can hurt economic growth if they're overdone.

Persons: Christine Lagarde, Marco Valli, Valli, Klaas Knot Organizations: European Central Bank, ECB, Federal Reserve, UniCredit Bank, Services, U.S . Federal Reserve, Fed, Bank of Locations: FRANKFURT, Germany, Milan, France, Spain, Italy, Europe's, Europe, China, U.S, Central, Ukraine, Bank of England

People walk past a logo of French bank Societe Generale in front of the company's skyscraper at the financial and business district of La Defense near Paris, France September 14, 2023. The bank sees the business as non-core, having sold part of its operations in 2020, said the people, who spoke on condition of anonymity. But a transaction may not happen soon because difficult market conditions weigh on the unit's valuation, they said. Societe Generale Equipment Finance provides equipment leasing and financing solutions to manufacturers, dealers and vendors in sectors ranging from transport to industrials. Rather than naming non-core businesses, Krupa is more likely to outline the group's growth areas, said one person familiar with the bank's thinking.

Persons: Gonzalo Fuentes, Slawomir Krupa, Krupa, Italy's, SocGen, Pablo Mayo Cerqueiro, Mathieu Rosemain, Andres Gonzalez, Amy, Jo Crowley, Elisa Martinuzzi, Silvia Aloisi, Jane Merriman, David Evans Organizations: Societe Generale, La Defense, REUTERS, Finance, Reuters, Deutsche Bank, BNP, Societe Generale Equipment Finance, Basel Committee, Thomson Locations: La, Paris, France, PARIS, Basel

☆ Douglas chooses banks as global coordinators for planned IPO
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: 1 min

DUESSELDORF, Sept 13 (Reuters) - German perfume and cosmetics retailer Douglas, majority owned by CVC Capital Partners, has chosen Goldman Sachs (GS.N), Citi (C.N), Deutsche Bank (DBKGn.DE), UniCredit (CRDI.MI) and UBS (UBSG.S) as global coordinators for a planned IPO, a source familiar with the matter said on Wednesday. Reuters reported in August that the private equity house was working with advisers at Rothschild & Co to prepare the initial public offering (IPO), which could happen as early as next year. The IPO could value Douglas at up to 7 billion euros ($7.68 billion), people close to the matter said at the time. Douglas declined to comment. Reporting by Matthias Inverardi, Writing by Victoria Waldersee; Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

Persons: Douglas, Goldman Sachs, Matthias Inverardi, Victoria Waldersee, Chris Reese Organizations: CVC Capital Partners, Citi, Deutsche Bank, UBS, Reuters, Rothschild & Co, Thomson

☆ For Western firms, the risk of leaving Russia could be higher than staying
▼ + stars: | 2023-09-11 | by ( Greg Kennedy | ) www.cnbc.com time to read: +4 min

Bloomberg | Bloomberg | Getty ImagesA wave of Western companies exited Russia promptly after Moscow's invasion of Ukraine. For firms wishing to quit, amid heavy reputational and financial damage, the prospect of leaving is becoming harder with time. Nabi Abdullaev, a partner at Control Risks and former editor of the Moscow Times, told CNBC: "Some companies decide to stay because the risk of leaving Russia, at this moment at least, is higher than the risk of staying." Western companies that remain in the country are able to continue doing business because, despite sanctions, numerous transactions and activities are still authorized. In comparison, sanctions on Iran and North Korea are a far more severe environment for Western companies to operate within.

Persons: Nabi Abdullaev, Abdullaev, Vladimir Putin, Maria Shagina, Philip Morris, Heineken, Shagina Organizations: Bloomberg, Getty, Moscow Times, CNBC, Companies, Carlsberg, Danone, International Institute for Strategic Studies, Unilever, Nestle, PepsiCo, Research, Heineken, Russian Arnest, Kyiv School of Economics Locations: Moskva, Moscow, Russia, Ukraine, Russian, UniCredit, Raiffeisen, Ukrainian, Iran, North Korea

☆ As war grinds on, HSBC halts Russia payments
▼ + stars: | 2023-09-08 | by ( Iain Withers | ) www.reuters.com time to read: +2 min

HSBC Bank logo is seen in this illustration taken March 12, 2023. "We have therefore reached the decision to restrict commercial payments by our corporate entity customers to or from Russia and Belarus through HSBC," a HSBC spokesperson said. Business customers have been informed the bank no longer intends to process the payments, the spokesperson added, rolling out globally from this month. HSBC has announced an exit from Russia, but the planned sale of its unit to local lender Expobank has hit delays and is pending final regulatory approval. The United States has pushed for harsher action against banks with Russia links, while China in contrast has deepened economic ties with Russia.

Persons: Dado Ruvic, Expobank, Iain Withers, John O'Donnell, Philippa Fletcher Organizations: HSBC Bank, REUTERS, HSBC, Belarus, Business, Nikkei, SWIFT, Raiffeisen Bank, United, Thomson Locations: Russia, Belarus, Ukraine, Europe's, China, United States, Hong Kong, Moscow, Europe, Russian

LONDON, Aug 11 (Reuters) - U.S. hedge fund Davidson Kempner Capital Management (DK) said on Friday it had agreed to sell Prelios to fintech firm ION Group, in a long-awaited deal which two sources said valued the Italian credit manager at 1.35 billion euros ($1.5 billion). DK, which did not disclose the sale price, had been looking for a buyer for years, and held discussions for several months with ION. Dublin-based ION Group was in turn in talks with banks for months to secure funding for the deal. Founded by former Salomon Brothers trader Andrea Pignataro, ION Group provides services of trading, analytics, treasury and risk management for capital and commodity markets. In 2021 in Italy alone, ION bought banking software provider Cedacri for $1.8 billion and acquired Cerved in a deal that valued the credit data and management group at nearly 2 billion euros.

Persons: Salomon, Andrea Pignataro, UniCredit, Intesa, DK, Lazard, Prelios, Mediobanca, Goldman Sachs, Morgan Stanley, Riccardo Serrini, Valentina Za, Pablo Mayo, David Goodman, Susan Fenton Organizations: Davidson, Capital Management, ION Group, ION ., ION, Reuters, BNP, Banco, Standard Chartered Bank, Mediobanca, UBS, X3, DK, Thomson Locations: ION . Dublin, Italy

☆ Exclusive: Intesa closer to gaining Moscow's OK for Russia asset transfer -source
▼ + stars: | 2023-08-10 | by ( Valentina Za | ) www.reuters.com time to read: +3 min

The logo of bank Intesa Sanpaolo is seen in Milan, Italy, January 18, 2016. A spokesperson for Intesa Sanpaolo declined to comment. Pressured by European banking supervisors to cut ties with Russia, Intesa has been working on reducing its exposure, which also includes cross-border loans. Local loans totalled 100 million euros, down 66% from a year before. Russian media has previously reported on possible exit options, including the potential transfer to local management led by Intesa Russia Chairman Antonio Fallico.

Persons: Stefano Rellandini, MILAN, Intesa, Intesa Sanpaolo, Vladimir Putin, Antonio Fallico, Fallico, Valentina Za, Bernadette Baum Organizations: REUTERS, Reuters, UniCredit, Raiffeisen Bank, Intesa, European Central Bank, Thomson Locations: Milan, Italy, Moscow, Ukraine, Russia, Intesa, Russian

☆ Italy windfall tax: European bank stocks bounce after tax blow is watered down
▼ + stars: | 2023-08-09 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Banking stocks in Italy and elsewhere in Europe rebounded Wednesday after the country watered down a plan to whack its banks with a surprise one-off 40% tax on their windfall profits. The government’s climbdown eased investors’ fears over European banks more broadly. The Stoxx Europe 600 Banks index, which tracks 42 big banks in the European Union and the United Kingdom, gained 1.7% after shedding 3.5% the previous day. Late Monday, the government said it would impose a one-off windfall tax of 40% and would use the proceeds to support first-time home buyers and cut taxes for families and businesses. Several European countries, including Spain and the Czech Republic, have announced taxes on banks’ windfall profits in the past year as interest rate hikes by central banks have beefed up many lenders’ earnings.

Persons: ’, Giancarlo Giorgetti, Remo Casilli, Jeremy Hunt, Moody’s Organizations: London CNN — Banking, Banco, European Union, Reuters, Deutsche Bank, DB, Bank Locations: Italy, Europe, United Kingdom, Rome, Spain, Czech Republic

☆ Italian bank stocks rebound as government waters down windfall tax
▼ + stars: | 2023-08-09 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Italian bank shares rebounded on Wednesday after the government watered down a surprise windfall tax on excess profits announced earlier this week. City analysts estimated that the Monday announcement of a 40% tax on excess income derived from higher interest rates in 2023 would deal a 19% blow to Italian lenders' net profits for the year. Shares of BPER Banca, Banco BPM, Intesa Sanpaolo, Finecobank and UniCredit 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%. "Initially, right after the announcement of the windfall tax on Monday evening, the government reiterated that they were expecting to raise around 3 billion euros in tax, but then the market realized that the numbers didn't add up," Rania explained.

Persons: Gianmarco Rania, Rania Organizations: Banca, Banco, Citi, BPER Banca, Banor, CNBC

☆ Italian bank tax flip-flop leaves lasting scars
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

LONDON, Aug 9 (Reuters Breakingviews) - The Italian government has raced to soothe bank investors spooked by its ill-thought-out bank windfall tax. The government has now said that the levy will be capped at 0.1% of total assets. If so, and applied to banks’ Italian businesses, then the total haul would be just under 2 billion euros, according to UBS. Still, bank shares have only partially recovered. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: tanking, Siena, That’s, Giorgia Meloni, Neil Unmack, Francesco Guerrera, Streisand Neto Organizations: Reuters, Banca Monte dei, UBS, Banca, Banco, Twitter, Siemens, Thomson

☆ Stock Market Today: Dow, Nasdaq Close Lower; Big Bank Stocks Slide
▼ + stars: | 2023-08-08 | by ( ) www.wsj.com time to read: +2 min

A broad sell off in regional bank shares—including KeyCorp and Comerica—made financial stocks among the worst performers in the S&P 500. ET:Stock indexes fell. The S&P 500 and Dow industrials pared some of their losses from earlier in the day, but still ended down. Eli Lilly led the S&P 500 higher. Bank shares were among the biggest losers, with UniCredit and other Italian banks sinking after Rome said it plans a windfall tax.

Persons: Dow industrials, Eli Lilly, Wall Organizations: KeyCorp, Comerica, Bank of America, JPMorgan Chase, Citigroup, United Parcel Service, Dow, Nasdaq, Treasury, Shanghai, Nikkei, Bank Locations: Government, Europe, Rome

☆ Italy slaps 40% windfall tax on bank profits
▼ + stars: | 2023-08-08 | by ( ) edition.cnn.com time to read: +1 min

European bank shares tumbled on Tuesday after Italy approved a 40% windfall tax on banks for 2023, sending shivers across the sector that has recorded surging profits as global interest rates have risen. A gauge of euro zone banks fell 3.7%, and was set for its biggest daily drop since the turmoil in the banking sector in March, when Credit Suisse collapsed. Analysts at Bank of America estimated the new tax could cost Italian banks between 2% and 9% of their earnings. For 2023 alone, Italy will tax 40% of banks’ net interest margin, a measure of income banks derive from the gap between lending and deposit rates. Proceeds from the windfall tax will be used to help mortgage holders and cut taxes, Italy’s deputy prime minister said.

Persons: shivers, Intesa, ”, Gilles Guibout, Stuart Cole Organizations: Credit Suisse, Axa Investment, Bank of America, Spain’s Banco Santander, Germany’s Deutsche Bank, DB, Reuters, Equiti Locations: Italy, Europe, Spain, Paris

☆ European stocks dip as Italian banks, downbeat data weigh
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +1 min

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 7, 2023. By 0707 GMT, the pan-European STOXX 600 index (.STOXX) was down 0.3%. Germany's DAX index (.GDAXI) fell 0.4% after data showed inflation eased to 6.5% in July, but was in line with economist expectations. Shares of Glencore (GLEN.L) slumped nearly 3% after the global miner said its earnings had halved in the first half. Reporting by Shashwat Chauhan and Sruthi Shankar in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Persons: Matteo Salvini, Germany's DAX, Shashwat Chauhan, Sruthi Shankar, Sherry Jacob, Phillips Organizations: REUTERS, Staff, MIB, Thomson Locations: Frankfurt, Germany, China, United States, Beijing, Bengaluru

☆ Italy’s bank tax may be anything but “one-off”
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +2 min

Italy's Infrastructure Minister Matteo Salvini attends the upper house of parliament ahead of a confidence vote for the new government, in Rome, Italy, October 26, 2022. REUTERS/Guglielmo MangiapaneLONDON, Aug 8 (Reuters Breakingviews) - As summer surprises go, the one Matteo Salvini sprung on Italy’s banking sector on Monday evening was as unwelcome as they get. In a late-night press conference, Italy’s deputy prime minister announced a windfall levy on lenders’ profits to help pay for cheaper mortgages and income tax cuts. The government is looking to raise less than 3 billion euros from the tax, Reuters reported citing sources close to the matter. Shares in Italy’s two largest banks – Intesa Sanpaolo (ISP.MI) and UniCredit (CRDI.MI) – dropped more than 5% in morning trading.

Persons: Matteo Salvini, Guglielmo Mangiapane, –, Siena, Francesco Guerrera, headwinds, Peter Thal Larsen, Streisand Neto Organizations: Italy's, REUTERS, Guglielmo Mangiapane LONDON, Reuters, Banco, Banca Monte dei, Twitter, Siemens, Thomson Locations: Rome, Italy, Spain, Hungary

☆ Stock Market Today: Dow Drops 400 Points; Eli Lilly, Novo Nordisk Stocks in Focus
▼ + stars: | 2023-08-08 | by ( ) www.wsj.com time to read: +2 min

Shares of regional banks, including U.S. Bancorp, Key and Comerica, were among the biggest decliners in the S&P 500. The pullback stood to reverse some of Monday’s stock-market gains, which included a roughly 400-point increase for the Dow . Stock indexes fell. The S&P 500, Dow industrials and Nasdaq all declined by more than 1%. Eli Lilly led the S&P 500 higher.

Persons: Dow, Eli Lilly Organizations: U.S . Bancorp, Key, Comerica, Bank of America, JPMorgan Chase, Citigroup, Dow, United Parcel Service, Dow industrials, Nasdaq, Treasury, Shanghai, Nikkei, Bank, Commodities Locations: Europe, Rome, U.S

☆ Italian bank shares slide after government surprises with windfall tax
▼ + stars: | 2023-08-08 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Italian banking shares took a beating on Tuesday morning after Italy's cabinet approved a 40% windfall tax on lenders' profits in 2023. As of around 9:45 a.m. in Rome, BPER Banca shares had plunged 8% and Intesa Sanpaolo was down 7%, while Banco BPM, UniCredit and Finecobank all dropped more than 6%. The one-off tax on extra profits will be equal to around 19% of banks' net profits for the year, analysts at Citi estimated based on currently available data. "We see this tax as substantially negative for banks given both the impact on capital and profit as well as for cost of equity of bank shares. Banks are required to pay the tax within six months after the end of the financial year.

Persons: Carlo Nordio, Adolfo Urso, Matteo Salvini, Francesco Lollobrigida, Orazio Schillaci, Palazzo Chigi, Sanpaolo, Salvini, Azzurra Guelfi, Banks Organizations: Enterprise, Transport, Agriculture, Health, Palazzo, Ministers, BPER Banca, Banco, European, Citi, Citi Equity Research, UCI Locations: Italy, Rome

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