Giovedì, 20 Settembre 2018
ROME

European markets end the week on a positive note

English
© ANSA

(ANSA) - Rome, July 13 - European financial markets closed
on an upbeat note Friday despite a surprise rating cut on
Italian government debt by Moody's.
Although Moody's reduced its rating on Italian sovereign
debt by two notches, bringing it dangerously close to junk bond
status, Milan's FTSE MIB rallied to close up by 0.96% at 13,714
points.
The FTSE All Share closed 0.87% higher.
Moody's blamed liquidity risks in Italy as well as the
ongoing European sovereign-debt crisis for its action.
Milan was buoyed by a successful bond sale Friday morning
when 5.25 billion euros in Italian medium- and long-term bonds
were sold, including a new three-year issue.
The sale included 10-year bonds, sold at average yields of
5.82%, which is lower than 6.19% yields from last month's bond
sales.
The BTP-Bund spread closed at Friday 479 basis points
basis, slightly lower than the peak of 485 points earlier in the
day, but still above Thursday's spread of 466 basis points.
The 10-year yield, an important indicator of investor
confidence in Italy's ability to weather the euro crisis, closed
at 6% Friday.
Meanwhile, London's FTSE 100 ended the week 1.03% higher at
5,666.13 points, in Frankfurt the DAX jumped by 2.15% to close
at 6,557.1 points and in Paris, the CAC 40 was 1.46% higher,
closing at 3180.81 points.
In Madrid, the IBEX 35 rose slightly to close up 0.52% at
6,664.60 points.

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