Martedì, 25 Settembre 2018

European markets spooked by Monti resignation announcement


Rome, December 10 - Stock markets throughout Europe
suffered losses in early trading on Monday with investors
concerned that the eurozone crisis could deteriorate after
Italian Premier Mario Monti said at the weekend he would resign
when the 2013 budget law is approved.
The announcement came after ex-premier Silvio Berlusconi's
People of Freedom (PdL) party said it had stopped backing
Monti's administration and the media magnate said he would run
for a fourth term in upcoming elections.
The Milan stock exchange's FTSE Mib index had shed 3.1%
with respect to Friday's close after a hour and a quarter of
trading, dropping to 15,210 points.
The yield spread between 10-year Italian bonds and the
German benchmark, a barometer of Italy's borrowing costs and of
investor confidence in the country's ability to weather the
eurozone crisis, shot up 30 basis points to 353.
The yield climbed to 4.80% after closing at 4.5% on Friday.
The Madrid stock exchange lost 1.6% of its stock value
early on Monday.
The Frankfurt and Paris exchanges were 0.5% and 0.7% down
respectively, while London lost 0.26%.

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