Giovedì, 18 Ottobre 2018

Financial markets tread water amid uncertainty


Milan, November 12 - Financial markets were
treading water on Monday, taking small losses amid uncertainty
over the future of Greece and the fiscal cliff looming ahead of
legislators in the United States.
Greece approved a 2013 austerity budget, and a spokesman
for European finance ministers said Monday that lenders have
prepared a "positive" report on the country.
By meeting international requirements, the Greek government
has likely cleared the way for a 31.5-billion-euro tranche of
But despite that good news, markets remained edgy.
Many traders worry about the so-called "fiscal cliff" in
the US - government-spending cuts and tax increases that are
scheduled to kick in at the beginning of 2013, unless a divided
congress and the White House can work out a compromise before
Italian markets were also unnerved by violent protests
against Italy's unemployment levels Monday in Naples, outside a
meeting between Italian Labour Minister Elsa Fornero and her
German counterpart.
On Milan's stock exchange, the FTSE Mib ended the trading
day down 0.39% at 15,121 points.
Reflecting the overall unease, the spread between Italy's
benchmark 10-year bond and the German Bund closed slightly
higher at 368 basis points, up from 362 points on Friday.
The yield on Italy's 10-year bond stood at 5.02%.
The spread between Italian and German paper gives an
indication of how investors view the prospects for Italy's
In London, the FTSE 100 index of top companies finished the
day as it started - flat at 5,767.27 points.
It was a similar story in Frankfurt, where the DAX index
was also unchanged, at 7,168.76 points.
In Paris, the Cac 40 index shed 0.35% to close at 3,411.65
points, while in Madrid the Ibex index fell by 0.90% to 7,567.80

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