Domenica, 21 Ottobre 2018

Stock markets climb on better-than-expected earnings


(ANSA) - Rome, July 19 - The Milan stock market closed
higher on Thursday, like many European markets, buoyed by
stronger-than-expected quarterly earnings.
The FTSE MIB rose by 0.53% to close at 13,666 points while
the FTSE Italia AllShare index rose by 0.55% to reach 14,732.
Companies in the United States were responsible for much of the
good news on corporate profits Thursday.
Of the 63 companies in the Standard and Poor's 500 index
that have reported to date, more than 70% have beaten analysts'
forecasts and only 17% came in below estimates.
Despite troubles in the Spanish bond market, Italy's
benchmark bonds managed to maintain their spread with German
The spread between 10-year Italian and German paper, an
important measure of investor confidence, narrowed slightly to
end trading at 480 basis points, with a yield of 6.0% - below
the previous day's closing of 489 points.
Earlier Thursday, the Spanish Treasury sold 2.98 billion
euros worth of notes, which was its target, but borrowing costs
climbed as demand for its bonds weakened.
That fanned some fears that a full-blown bailout may become
necessary for Spain, where bond yields reached unsustainably
high levels.
The spread between Spain's 10-year bonds and those of
Germany reached 571 basis points by end of day, with a yield of
Still, Madrid's Ibex closed higher by 0.63% at 6,632.60
points, while in Paris, the CAC 40 gained 0.87% to reach
3,263.64 points.
In other European markets, Frankfurt's Dax closed up 1.11%
at 6,758.39 points; and London's FTSE 100 rose by 0.50% to
5,714.19 points.

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