Martedì, 23 Ottobre 2018
MILAN

European markets drop, paced by Italy, on growth fears

English
© ANSA

(ANSA) - Milan, September 20 - Markets fell across Europe
on Thursday, paced by Milan's FTSE MIB index, as stocks suffered
the effects of growing concern over slowing global economic
growth.
Reports released on Thursday on the manufacturing industry
in China showed the sector could contract for an 11th month and
that Japanese exports fell in the month of August.
A separate research report showed that services and
manufacturing contracted in the 17-member euro region to levels
below three year-lows.
The FTSE MIB index dropped 1.7% to 15,830 points.
The Italian government met Thursday to discuss the economic
outlook of the euro region's third-largest economy, and slashed
economic forecasts for this year to a 2.4% contraction and next
year to a 0.2% decline in gross domestic product.
The revisions were announced after the government met
Thursday to discuss amendments to the official Economic and
Financial Planning Document (DPEF) blueprint last released in
2009 for the 2010-2014 period, which saw growth dropping 1.2% in
2012, and rising 0.5% in 2013.
The International Monetary Fund and Italy's employers
association Confindustria are amongst the entities that have
already slashed their outlook for Italian growth in recent
months.
The yield spread between 10-year Italian bonds and the
German benchmark fell, as investor concern about the ongoing
debt crisis was offset 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 341 points with 10-year yields at 5%.
The Frankfurt Dax bourse index was flat at 7,389, while the
Paris Cac 40 index fell 0.62% to 3,509 points.
Madrid's Ibex index dropped 1% to 8,022 points.
London's Ftse-100 stock market closed down 0.6% on 5,854
points.

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