Venerdì, 19 Ottobre 2018
MILAN

Milan joins other financial markets closing higher Tuesday

English
© ANSA

Milan, December 4 - Italian financial markets
closed slightly higher Tuesday and the spread with German bonds
narrowed amid new optimism on the outlook for Europe's economy.
Other European markets also ended the day higher after
European finance ministers, meeting in Brussels, expressed
confidence that Greece will succeed with its bond repurchase
program, an important step in efforts to staunch its debt
crisis.
Sentiment was also optimistic that eurozone finance
ministers will meet their year-end deadline to set up a joint
supervisor at the European Central Bank.
Talks ended without resolution Tuesday, but markets are
hopeful a deal will be reached in the coming weeks.
In Milan, the FTSE Mib gained 1.04%, to close at 16,041
points, just above the psychological threshold of 16,000 points.
The spread between Italy's benchmark 10-year bond and its
German counterpart closed trading Tuesday at 303 basis points,
just above the psychologically important mark of 300 points,
with a yield of 4.42%.
The reduction in the spread between Italian and German
benchmark bonds is a sign of new-found market confidence in the
euro and in Italy, Italian Economy Minister Vittorio Grill said
earlier in the day.
The drop in the spread "is due to a combination of factors,
the European Union and Italy are honouring their commitments and
so there is a positive judgement by the markets which have
renewed confidence in the euro and in Italy," he said in
Brussels.
Premier Mario Monti has said his aim is to bring the spread
down to 287 basis points, exactly half what it was in November
2011 when he was brought in to replace Silvio Berlusconi and
salvage the struggling economy.
Meanwhile, in Frankfurt the Dax ended the day unchanged, at
7,435.12 points while in Paris, the CAC 40 index gained 0.39% to
close at 3,580.48 points.
However, London's FTSE-100 index slipped by 0.04% to close
lower at 5,869.04 points while Madrid's Ibex 35 index gained
0.17% to close at 7,902.40 points.

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