Martedì, 16 Ottobre 2018

Milan loses 2.2% after Monti announces resignation


Milan, December 10 - The Milan Stock Exchange
reduced earlier Monday losses closing the first trading day of
the week down just over 2% as investors reacted nervously to
Premier Mario Monti's announcement Saturday that his resignation
was imminent.
After having dropped by more than 3% in early trading, with
banks especially hit hard by sales, Milan's FTSE MIB ended the
day down 2.2%, at 15,354.01.
The news of the resignation of Monti, whose technocratic
government is credited with having saved Italy from a
debt-induced disaster, rocked investor confidence in Italian
The spread between Italy's 10-year bonds and their German
equivalent on Monday at one point spiked above 360 basis points,
before closing at 351 points from a Friday close of 323 points,
as markets reacted to the threat of renewed political chaos in
the country.
Other European markets closed essentially flat on mixed
macro news, including better-than-expected US-unemployment
figures and a report from the OECD which forecast divergent
paths between the US and the UK, seen growing on the one hand,
and a eurozone and Japan expected to remain mired in recession
in the year ahead.
London's FTSE 100 ended the day slightly higher, at
5,921.63, Paris's CAC 40 closed up 0.18% at 3612.10, Frankfurt's
DAX ended up 0.17% at 7530,92 and Spain's IBEX 35 ended the day
down 0.56% at 7804,40.
In Milan, the banking sector was particularly hard-hit,
with Mediolanum closing -5.9%, followed by MPS, down 5.8%, and
UniCredit and Intesa Sanpaolo each losing 5.15%.

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