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Italy bank stocks, bonds fall on report Brussels considering disciplinary action

Italy bank stocks, bonds fall on report Brussels considering disciplinary action

Italian banking stocks fell and government bond yields rose in thin trade Monday after a report Brussels is considering disciplinary action over Rome’s failure to rein in public debt.

The banking index was down 1.7% at 1350 GMT, extending earlier losses. Government bond yields extended their rise across the board, with the benchmark 10-year yield up 7 basis points to 2.62%. Bonds yields rise as prices fall.

A report from Bloomberg cited an official as saying the European Commission was considering proposing the disciplinary procedure next week, potentially paving the way for a 3.5-billion-euro ($4 billion) penalty.