Venerdì, 19 Ottobre 2018

ECB warning, election jitters weigh on Milan markets


Milan, February 18 - Election concerns and a
warning from the European Central Bank weighed on investors
Monday, pulling down Italy's major stock market.
On the Milan Stock Exchange, the FTSE Mib lost 0.50% in
trading, to end the day at 16,406 points.
The Italian bond spread with the German benchmark also
increased amid concerns over the outcome of the national vote,
to be held next Sunday and Monday.
The spread, an important gauge of investor confidence in
the Italian economy, closed the day at 277 basis points -
slightly higher than the 273 basis points where it ended last
week's trading.
The yield Monday on 10-year paper stood at 4.40%.
Fears over the outcome in the Italian vote, which will have
a ripple effect throughout Europe, weighed on other markets as
Investors are 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.
Investors were also concerned after the president of the
European Central Bank Mario Draghi said that economic weakness
is likely to continue in early 2013.
"Available indicators signal further weakness at the
beginning of 2013, with domestic demand remaining dampened,"
Draghi said in a statement Monday before the European
Parliament's Committee on Economic and Monetary Affairs.
"This is due to weak consumer and investor sentiment and to
the necessary balance sheet adjustments in both the public and
private sectors.
"Foreign demand also remains subdued".
On other European markets, Frankfurt's DAX gained 0.46% to
reach 7,628.73 points, while London's FTSE 100 fell by 0.16% to
close at 6,318.19 points, Paris's CAC 40 ended the day slightly
higher, gaining 0.18% to close at 3,667.04 points, and Spain's
IBEX 35 closed trading 0.51% lower at 8,108.90 points.

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