Domenica, 21 Ottobre 2018
MILAN

European markets rally on good news from U.S., Greece

English
© ANSA

Milan, November 19 - Italian financial markets
joined the European rally Monday amid optimistic signs that the
United States may avoid its fiscal cliff, as well as rumours of
more aid for troubled Greece.
Talks between leaders of both parties in the US towards
resolving a budget crisis appeared positive, soothing financial
markets around the world.
Meanwhile, Greece appeared to have met the necessary
conditions for release of its next aid payment.
In Milan, the FTSE MIB jumped by 3.05%, to close at
15,308.96 points while the AllShare gained 2.9% to end the day's
trading at 16,166.98.
The bond market also rallied Monday.
The spread between Italy's 10-year bond and the German
benchmark equivalent closed at a moderate 354 basis points, with
a yield on Italian paper of 4.90%.
The spread measures investor confidence in the Italian
economy when compared with that of powerhouse Germany.
Investors were encouraged by news that US President Barack
Obama and leaders in congress are negotiating to head off tax
increases and mandatory government spending cuts that are set to
take effect on January 1, 2013.
It's feared that if those cuts and increases go ahead, it
could push the US into another recession.
Markets were also buoyed after the Greek government on
Monday presented emergency legislation to help finalize its
austerity commitments to bailout creditors.
The legislation, covering spending cuts and reforms, come
one day before European finance ministers will decide whether to
release the next 31.5-billion euro loan installment for Greece.
That should fulfill the conditions previously set by
lenders.
In Frankfurt the DAX gained 2.49% to close trading at
7,123.84 points while on the London Stock Exchange, the FTSE 100
index jumped by 2.36% to 5,737.66 points.
Madrid's Ibex 35 index rose by 2.34% to close at 7,765.70
points and in Paris, the Cac 40 index rose by a dramatic 2.93%
to end the day at 3,439.58 points.

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