Martedì, 23 Ottobre 2018

European markets regain some footing on ECB news


(ANSA) - Rome, July 25 - Financial markets were a bit wobbly
Wednesday but regained some of the ground lost the day before on
optimistic news from the European Central Bank.
After suffering some of the heaviest losses in the region
on Tuesday, the Milan stock exchange's benchmark FTSE Mib index
regained almost 1.2% to close Wednesday at 12,506 points while
the FTSE All Share gained 0.83% to reach 13,538 points.
Investors were heartened by suggestions that the ECB may
decide to give some extra strength to the region's bailout fund,
as policy makers struggle to contain the debt crisis.
ECB council member Ewald Nowotny, in an interview with
Bloomberg, said that there are arguments in favour of giving the
European Stability Mechanism a banking license.
That would give it access to ECB lending, easing concerns
that the fund might not be big enough on its own to cope with
Europe's debt crisis.
By early afternoon, the spread between Italy's 10-year
bonds and the German Bund had tightened to 510 basis points and
the yield relaxed to 6.44%.
However, the bond market retreated later in the day and the
BTP-Bund spread widened again to 522 basis points and a yield of
Still, it was an improvement over Tuesday's trading when
the Italian-Germany spread jumped to 537 points - a level not
seen since last November, when Italy's ex-premier Silvio
Berlusconi was driven from office.
Investors were so spooked on Tuesday that the Milan index
hit a euro-era low amid concerns Spain might need a bailout and
closed the day 2.71% lower.
Meanwhile Wednesday, Paris's CAC closed up slightly,
gaining 0.23% to reach 3081.74 points while the London Stock
Exchange was mostly unchanged on the day. The FTSE 100 slipped
0.02% to close at 5,498.32 points.
In Frankfurt, the DAX index gained 0.25% to reach 6,406.52
points while even Madrid's IBEX index rose 0.81% to close
trading at 6,004.3 points.

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