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Stock Market News – Monti Calls It Quits

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The early signs of failure of Draghi’s plan start to come in, as Italy’s Prime Minister calls it quits. Read full story below.


Stock Market News – Monti Calls It Quits

 

Unbias Stock Market News -

The Stoxx Europe 600 index XX:SXXP -0.50% fell 0.4% to 277.97, after closing at its highest level since May 2011 on Friday.

Shares of STMicroelectronics NV FR:STM +2.88% jumped 3.4%, after the chip maker said it plans to exit its loss-making cellphone-chip joint venture, ST-Ericsson. Shares of Ericsson LM SE:ERICB -0.46% fell 0.2%.

Italian banks were also among notable decliners, tumbling as political developments over the weekend set the stage for early elections, which could come by February. Prime Minister Mario Monti said he was ready to step down as soon as parliament passes a pending budget law, after Silvio Berlusconi’s PDL party last week withdrew its support for Monti’s technocratic government.

Shares of Intesa Sanpaolo SpA IT:ISP -6.47% slumped 6.2%, Banca Monte dei Paschi di Siena SpA IT:BMPS -6.58% dropped 6% and Banco Popolare SC IT:BP -6.39% slid 5.5%.

The FTSE MIB index XX:FTSEMIB -3.32% dropped 2.8% to 15,265.14.

The yield on 10-year Italian government bonds IT:10YR_ITA +6.15% jumped 25 basis points to 4.78%, according to electronic trading platform Tradeweb.

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