Europe’s Bank Restructuring ‘positive’ For Sector

Missouri turned to propofol for executions only after the drugs it and other states previously used for lethal injection could no longer be obtained by prisons and corrections departments because drug makers did not approve of such uses. Propofol is America’s most popular anesthetic, according to the American Society of Anesthesiologists. About 50 million vials are administered annually in some 15,000 U.S. hospitals and clinics about four-fifths of all anesthetic procedures. The society said in a statement that propofol is popular because it works quickly and patients wake up faster with fewer side effects such as post-operative nausea. Convicted killer Allen Nicklasson is scheduled to die by injection on Oct. 23 in the state’s first use of propofol for capital punishment since changing its execution protocol last year. Joseph Franklin is scheduled to be put to death on Nov. 20. Until recently, Missouri and other states with the death penalty used virtually the same three-drug protocol. That changed in recent years as drug makers stopped selling the traditional execution drugs to state corrections departments because they didn’t want them used in lethal injection.

Europe stocks fall; luxury-goods firms hit

The massive restructuring of European banks will be positive in the end, the head of Italy’s main stock exchange told CNBC, on the day that Italian lender Banca Monte dei Paschi unveiled its new turnaround plan. However, Raffaele Jerusalmi, CEO of Borsa Italiana, also warned that the financial industry needed to strike the right balance between restructuring and regulation. “In general, what is happening in terms of the restructuring that we are seeing in the banking sector all over Europe is going to be positive in the end,” he told CNBC. “But there is still a risk of over-regulation we have to be careful. Last month, a report by the region’s banking regulator, the European Banking Authority, said Europe’s largest banks will need to find an extra 70.4 billion euros ($95 billion) of capital to comply with the rules. Monte Paschi announced plans to repay around 3 billion euros of its state bailout next year, with full payment by 2017, according to Reuters. The bank expects the EU Commission to approve the restructuring by mid-November, and hopes it will be enough to secure approval for much-needed state aid, after the euro zone crisis brought it close to collapse. Although Monte Paschi’s announcement came after the European market close, the news that its board was meeting to finalize the restructuring plan was enough to send shares rallying. Stock of Monte Paschi closed around 6.3 percent higher and was the top gainer on the Euro Stoxx 600 . Follow us on Twitter: @CNBCWorld

The Stoxx Europe 600 index /quotes/zigman/2380150 XX:SXXP -0.23% fell 0.2% to close at 309.18, after earlier dropping nearly 1% and touching levels last seen in early September. The index closed out last week with an 0.7% loss. Click to Play Watch Alcoa, Boeing and BlackBerry Tomi Kilgore takes a look at which stocks traders will be watching during market action, including Alcoa, Boeing, and BlackBerry. Photo: Getty Images. Among decliners, LVMH Moet Hennessy Louis Vuitton SA /quotes/zigman/165816 FR:MC -1.06% /quotes/zigman/165816 FR:MC -1.06% fell 1.1%. In a report published Sunday , Reuters said analysts are growing increasingly concerned about the luxury groups brands and are worried these wont be able to provide alternative growth now that cash cow Louis Vuitton has fallen on tough times. A warning from Treasury Secretary Jacob Lew that Congress is playing with fire if it doesnt increase the debt ceiling in time increased investors anxiety about the U.S. budget stalemate and looming deadline to raise the countrys debt ceiling. Government shutdown: Track the latest news out of Washington /conga/story/2013/10/governmentshutdownstream.html 282136 The news that U.S. politicians have again put self-interest ahead of the greater good of the country by failing to make any progress in sorting out the budget or tackling the debt ceiling will have surprised few, said Alastair McCaig, market analyst at IG. The U.S. debt markets have remained calm, but the closer we get to the mid-October deadline, the less likely that is to remain the case, he said. One bright spot for Europe was Italy, with the FTSE MIB Italy index /quotes/zigman/1482176 XX:FTSEMIB +0.66% rising 0.7% to close at 18,425.82.