Domenica, 23 Settembre 2018

European markets close down, bond spreads rebound


(ANSA) – Milan, September 17 – The spread between Italian
10-year-bonds and the benchmark German bund rose more than 13
basis points Monday after reaching a post-March low on Friday.
The Italian-German bond spread closed at 343 basis points
on Monday, with Italian 10 year bonds yielding 5%.
The difference between Spanish 10-year-bonds and the German
benchmark also inched upward.
The yield on Spanish 10 year bonds returned to 6% for the
first time since the European Central Bank announced its bond
acquisition programme.
Italian and Spanish bond spreads and interest rates are
important gauges of market confidence in the countries' ability
to pay down their unwieldy national debts.
European stock markets closed down or flat Monday.
The Milan FTSE MIB (-0.93%) closed at 16.470 points on
sluggish trading of 2.2 billion euros.
Italian regulator CONSOB said the Milan bourse had lost
significant economic heft in a statistics bulletin Monday.
The total capitalization of companies listed on the Milan
stock exchange sank to 327.1 billion euros at the end of June,
compared to 369.3 billion euros at the end of March.
Compared to Italy's gross national product (GDP), the total
market cap narrowed to 21% in June, down from 27.4% at the same
time last year.
The Paris CAC 40 (-0.78%) and London FTSE-100 (-0.37%) also
closed in negative territory.
The Madrid Ibex (-0.08%) and Frankfurt DAX (-0.11%) were
nearly unchanged.

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