Italian banks take a beating following Mario Monti's announcement that he intends to resign, which would spark early elections. Banca Monte dei Paschi di Siena, the weakest of Italy's five systemic banks, -6.8%. UniCredit -6%, Intesa Sanpaolo -6.3%, Banca Popolare di Milano -6.5%, Banco Popolare Societa Cooperativa -7.4%. Italian 10-year bond yields are +28 bps to 4.81%. The FTSE MIB is -3.5%.