Martedì, 18 Settembre 2018

Milan, other European financial markets slide on Monday


Milan, January 7 - Italy's leading financial
market, like others across Europe, lost some ground Monday
despite gains in the financial sector after a delay in tough new
banking standards.
Bank stocks rose over news that implementation of some
Basel III liquidity standards have been delayed for four years
and other requirements eased.
Still, that wasn't enough to lift the Milan Stock Exchange,
where the FTSE Mib slipped by 0.38% to close at 16,895 points.
Italian banks already meet the Basel III liquidity
requirements, but the easing of rules announced Sunday after a
meeting of regulatory chiefs in Basel, Switzerland, was
generally positive for financial sector stocks.
Meanwhile, the spread between Italy's benchmark 10-year
bond and its ultra-safe German counterpart nudged up to close
Monday at 283 basis points, from Friday's close of 275 basis
That was just below a landmark policy goal of a 287-point
spread set by outgoing Premier Mario Monti - a figure exactly
half the level of the spread in November 2011, when Monti took
over from ex-premier Silvio Berlusconi.
At that time, Italy at the centre of the eurozone debt
crisis, and confidence in the Italian economy was very low.
At close of trading Monday, the yield on 10-year Italian
paper stood at 4.34%, near a two-year low.
When economist and former European commissioner Monti took
the helm from Berlusconi, the yield was stuck at the long-term
unsustainable mark of 7%.
In other European markets Monday, Frankfurt's DAX closed
lower, falling by 0.56% to reach 7,732.66 points, while London's
FTSE 100 fell by 0.41% to close at 6,064.58 points, Paris's CAC
40 slid 0.68% to close at 3,704.64 points, and Spain's IBEX 35
ended the day 0.26% lower at 8,413.50 points.

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