Banca Popolare Milano: -6.04%
Banca MPS: -6.26%
Intesa Sanpaolo: -4.20%
Not only have we seen some disastrous data from around the world today—Italian PMI dropped to a disastrous 43.8 (indicating an ever-sharper contraction in economic activity)—but now there are rumors that Moody's is about to downgrade 17 Italian banks.
The ratings agency has said that it will start releasing decisions on European banks with Italy in early May, and investors are betting that these announcements will all produce numerous downgrades.