Giovedì, 20 Settembre 2018
MILAN

Stocks slide and spreads rise on lack of news from Eurogroup

English
© ANSA

(ANSA) - Milan, October 8 - The Milan bourse saw the worst
performance among Europe's major stock exchanges on a generally
grim day for equities on Monday.
The FTSE MIB index lost 1.98% to close at 15,562 points,
with credit institutions and the automaker Fiat losing ground in
particular.
Press rumors of a regulator inquiry into Fiat's liquidity
sent the stock price down 4.16% to 4.29 euros, though Fiat
denied the press report.
Italian banks suffered from the absence of news on
hoped-for progress from the Eurogroup meeting of finance
ministers on Spain and Greece.
Madrid's Ibex 35 index closed down 0.80% at 7,891 points,
but Paris fared worse - the Paris CAC 40 lost 1.46% to close at
3,406.53 points. Frankfurt's DAX index slipped 1.44% to 7291.21
points.
London's FTSE-100 index lost less terrain, falling 0.50% to
5,841.74 points.
Bond spreads edged higher on Monday.
The difference between interest rates on Italian and German
10-year bonds closed at 360 basis points, whereas on Friday the
spread had closed at 353 points.
The yield Monday on the Italian paper was 5.07%.
The spread between Spanish bonds and the German benchmark
closed at 423 basis points.
The yield on 10-year Spanish bonds was 5.71%.
The bond spread is an important gauge of market confidence
in the ability of Italy and Spain to pay down their huge public
debts.

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