The Milan bourse plunged 2.4%
Friday as banking stocks took a beating across Europe after some
hedge funds pulled billions of dollars in derivatives from
Deutsche Bank amid concerns about its stability and their
exposure.
By 10 a.m. the bellwether FTSE-MIB index had dropped below
the psychologically important 16,000-point threshold, to 15,960
points.
Several banks were suspended for excessive volatility after
dropping too far, including UniCredit, BPM, Unipol and Banco
Bopolare.
UBI and Intesa were both down 4.6% and Bper 4.5%.
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