Lunedì, 22 Aprile 2019
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Markets cautious, spread stable


(ANSA) - Milan, October 3 - Markets were cautious on the
eve of a board meeting of the European Central Bank (ECB) and a
monetary policy decision expected on Thursday, with some edging
upward and others losing ground.
Milan joined London and Frankfurt in rising modestly on
Wednesday. Milan's FTSE MIB gained 0.25% to close at 15,535
London's FTSE-100 index performed best among the European
stock exchanges, closing up 0.28% at 5,825.81 points.
Frankfurt's DAX index rose 0.22%.
Madrid's IBEX index lost 0.51% as Spain appears to be
preparing to ask for a European bailout, although Spanish
Premier Mariano Rajoy said Monday that a such a request was not
imminent, and is said to be worried about what conditions would
be attached.
On Wednesday, however, Spanish Finance Minister Luis De
Guindos outlined the pillars of a banking rescue plan to Spanish
He said private investors will be majority stakeholders in
a "bad bank" that will take on toxic loans from Spanish banks.
Details on how the banks are to be capitalized are
forthcoming over the next few days, and the European Commission
is expected to approve the process in November, the minister
The first 30 billion euros in EU bailout money are already
available, and recently nationalized banks can help themselves
as soon as they submit their restructuring plans, De Guindos
Germany will not oppose a Spanish application for eurozone
financial rescue involving bond-buying by the ECB, German
Economy and Technology Minister Philipp Roesler said in Madrid
on Wednesday, where he met with a Spanish counterpart.
Many investors and analysts believe that a bailout of
recession-riddled Spain is essential to resolving the European
debt crisis.
Athens' General Index lost 0.44% as the troika - EU, ECB
and International Monetary Fund - continued difficult
negotiations with the Greek government over new reforms and
austerity measures.
The Paris bourse also ceded ground, with the CAC 40 index
sinking 0.24%.
The difference between interest rates on Italian and German
bonds closed nearly stable at 359 basis points, up just two
points over Tuesday's close. The yield on Italian 10-year bonds
was 5.04%.
The spread between Spanish bonds and the German benchmark
closed at 436 basis points.
The yield on Spanish 10-year bonds was 5.81%.

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