Italian banks are getting mauled today. A look at the latest carnage (via Bloomberg):

Unicredit: -5.79%
Banca Popolare Milano: -6.04%
Banca MPS: -6.26%
Intesa Sanpaolo: -4.20%

Evidently, shares of both Unicredit and Banca Popular Milano have been halted.

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 rumours 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.

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