Italian Banks Drop as Meloni Says Tax Needs to Raise €3 Billion

Shares in Italian lenders fell on Thursday, making them the worst performers on the STOXX Europe 600 Banks index, after Prime Minister Giorgia Meloni said that even if a new windfall tax on banks’ profits is modified, the state will still expect inflows of almost €3 billion ($3.2 billion).

Meloni’s comments on Wednesday “should revert the market’s concerns on Italian banks in our view today, triggering a negative share price reaction,” analysts at Mediobanca SpA wrote in a Thursday note.