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DAILY MARKET OVERVIEW – Spain’s Bankia to Take Over BMN as Bank Cleanup Accelerates

DAILY MARKET OVERVIEW

Top 3 Pre-Market Headlines for Jun 27, 2017

  • Spain's Bankia to Take Over BMN as Bank Cleanup Accelerates
  • Google Gets Record $2.7 Billion EU Fine for Skewing Searches
  • Draghi Says Stimulus Still Needed Even as Euro Area Reflates
 

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Spain’s Bankia to Take Over BMN as Bank Cleanup Accelerates

Bankia SA agreed to acquire Banco Mare Nostrum SA in an all-stock deal as Spain seeks to recoup the costs of bailing out the two nationalized lenders.

Spain’s fourth-biggest bank will issue new stock amounting to 6.7 percent of its post-merger capital to the shareholders of Banco Mare Nostrum, the bank said in a statement Tuesday. The transaction values the unlisted BMN at 825 million euros ($924 million), or 0.41 times its book value, Bankia said.

 

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Google Gets Record $2.7 Billion EU Fine for Skewing Searches

Google lost its biggest regulatory battle yet, getting a record 2.4 billion-euro ($2.7 billion) fine from European Union enforcers who say the search-engine giant skewed results in its favor to thwart smaller shopping search services.

Alphabet Inc.’s Google has 90 days to “stop its illegal conduct” and give equal treatment to rival price-comparison services, according to a binding order from the European Commission on Tuesday. It’s up to Google to choose how it does this and it must tell the EU within 60 days of its plans. Failure to comply brings a risk of fines of up to 5 percent of its daily revenue.

 

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Draghi Says Stimulus Still Needed Even as Euro Area Reflates

Mario Draghi called for continued euro-area stimulus even as the economy enters a new phase in its upturn, saying support is still needed to entrench the trend.

“All the signs now point to a strengthening and broadening recovery in the euro area — deflationary forces have been replaced by reflationary ones,” the European Central Bank president said on Tuesday in Sintra, Portugal. “However, a considerable degree of monetary accommodation is still needed for inflation dynamics to become durable and self-sustaining. So for us to be assured about the return of inflation to our objective, we need persistence in our monetary policy.”

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This post first appeared on Bull Markets Blog — Fearless Trading, please read the originial post: here

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DAILY MARKET OVERVIEW – Spain’s Bankia to Take Over BMN as Bank Cleanup Accelerates

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