Sabato, 22 Settembre 2018

Milan shows small gains following successful bond auction


Milan, February 13 - Italy's major stock market led
a minor European rally Wednesday, buoyed by a successful
Treasury-bond auction.
On the Milan Stock Exchange, the FTSE Mib gained 0.41% in
trading, to end the day at 16,712 points.
The Italian bond spread with the German benchmark also
eased following a relatively successful bond auction by the
Italian Treasury.
The spread, an important gauge of investor confidence in
the Italian economy, slid during the day to close at 272 basis
points, with a yield of 4.40% on 10-year paper.
At auction, the Italian treasury sold 3.449 billion euros'
worth of three-year bonds at an interest rate of 2.3%, up from
1.85% last January.
But the yield on longer term bond offerings was lower,
suggesting more faith in Italy's longer-term prospects.
Italian 15-year bonds sold at an average yield of 4.55%,
down from a 4.75% rate at last issue in December.
The Italian Treasury also sold 30-year bonds for the first
time since May 2011, auctioning 888 million euros with an
average yield of 5.07%, down from 5.43% in May 2011.
Still, analysts said that despite the successful auction,
investors remain very nervous about the outcome of the Italian
election February 24 and 25.
They're especially spooked by the possibility that a
government by ex-premier Silvio Berlusconi would undo many of
the financial and economic reforms put in place by technocrat
Premier Mario Monti.
In other European markets, Frankfurt's DAX gained 0.67% to
reach 7,711.89 points, while London's FTSE 100 climbed by 0.33%
to close at 6,359.11 points, Paris's CAC 40 ended the day
slightly higher, gaining 0.32% to close at 3,698.53 points, and
Spain's IBEX 35 closed trading 0.87% higher at 8,306.20 points.

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