Markets in Europe were mostly on the green last Monday. This is after the authorities from Italy released outlines for the closure of two banks by as much as €17 billion.
Authorities said last Sunday that they are ready to spend more than €17 billion (19 billion in USD) just to wind up two embattled banks. This agreement is set to transfer the best assets of the bank to Intesa Sanpaolo for a nominal sum. The movement happened just two days after the European Central Bank signalled that Veneto Banca and Banca Popolare di Vicenza could possibly collapse.
According to IG, the FTSE 100 index in London gained more than 5 points in Monday’s opening bell and settled at 7,436. DAX in Germany was also higher as it added about 8 points to finish at 12,736. The French CAC, however, didn’t go with the flow; it edged down about 2 points to close at 5,266.
In the United Kingdom, Secretary of Brexit David Davis is scheduled to sketch out the plans of Britain regarding the rights of citizens of other countries in the European Union (EU) right after the U.K. divorces the coalition. It is also widely expected that David Davis will pursue a reciprocal deal which would give sanctuary to the rights to citizens in Britain residing in the EU.
At the same time, trade representatives from Mexico and the EU are due to meet on Monday. This is part of talks to update the current Free Trade Agreement.
Meanwhile in the stateside, President Donald Trump will welcome Prime Minister of India Narenda Modi to the White House.