Venerdì, 19 Ottobre 2018

Milan bourse drops 1.22% amid rising spread


Rome, February 7 - The spread between 10-year
Italian bonds and the German benchmark closed at 297 basis
points on Thursday with a yield of 4.58%.
Earlier in the day it touched the psychologically important
300-points mark, allegedly due to concerns about the political
situation in the country after parliamentary elections on
February 24 and 25.
The spread is a key measure of Italy's borrowing costs and
investor confidence in its ability to weather the eurozone
The Milan stock exchange on Thursday closed down 1.22% with
its main FTSE MIB index falling to 16,400 points.
Energy company ENI share prices dropped 4.62% following
revelations that CEO Paolo Scaroni had been placed under
investigation in an international corruption probe involving
alleged bribes for contracts for its subsidiary Saipem in
Shares in the oil contractor instead gained 5.26%.
Shares in troubled lender Monte dei Paschi di Siena (MPS)
also performed well, showing a 4.08% rise at the close of
trading after CEO Fabrizio Viola said "there are no more
Santorinis" in reference to the scandal concerning previously
undeclared losses of 730 million euros taken by Italy's
third-largest bank as a result of failed high-risk derivatives
Other European markets performed better, with Frankfurt
closing up 0.13% and its main Dax index standing at 7,590.85
points and the Athens bourse rising by 0.67% with its general
index coming in at 1,042.16 points.
London, Paris and Madrid instead all lost value, with their
respective Ftse 100, CAC 40 and Ibex 35 indices falling 1.06%,
1.15% and 0.52% to close at 6,228.42, 3,601.05 and 8.014,60
points respectively.

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