Martedì, 23 Ottobre 2018
MILAN

European markets up, Italy and Spain lead

English
© ANSA

(ANSA) - Milan, August 21 - Markets surged across Europe on
Tuesday, led by Milan's FTSE MIB index, and the Italian spread
dropped below 410 points amid investor expectations European
leaders will take concrete action to combat the ongoing economic
crisis, aided by the introduction of public debt-reduction
measures from the region's central bank.
The Milan bourse jumped 2.4% to 15,330 points, leading the
European stock gains.
Monte dei Paschi di Siena, the world's oldest bank,
advanced 7.2% to 0.24 euros, lifting the whole Italian banking
sector.
Some 370 million shares in the bank exchanged hands during
the day's trading, for a total of about 3.1% of the bank's share
capital.
Some 10.7% of Monte dei Paschi's share capital has
exchanged hands in the past three trading days after its chief
Alessandro Profumo would not exclude the possibility of a
reduction in the stake held by Monte dei Paschi's largest
shareholder, a local banking foundation.
Italy's stock market watchdog has said it is closely
monitoring the bank's shares.
The yield spread between 10-year Italian bonds and the
German benchmark fell, as investor concern about the ongoing
debt crisis was pared by the possibility of concrete action by
the region's political leaders in conjunction with the European
Central Bank.
The spread, a barometer of Italy's borrowing costs in the
eurozone crisis, closed at to 407.8 basis points, with Italian
yields dropping to 5.6%.
Spain sold bonds for a total of 4.5 billion euros, and its
12-month bonds posted yields of 3.2%, down from the 4% of a
previous July auction.
Madrid's Ibex index advanced 1% to 7,544 points, making it
the second-best performer in the region.
The Frankfurt bourse gained 0.9% to 11,255 points, while
the Paris CAC 40 index advanced 0.9% to 3,513 points.
London's Ftse-100 stock market rose 0.6% to 5.875.

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