Martedì, 23 Ottobre 2018

Milan shares close up as German economy's prospects improve


Milan, February 19 - European stocks edged higher
Tuesday on the back of a positive outlook for the German economy
and a set of positive earnings results from companies including
food and beverage giant Groupe Danone and hospitality leader
InterContinental Hotels Group.
Investors were cheered by the results of the German ZEW
survey of economic expectations for February, which jumped to
48.2 from a forecast of 35.0 and a reading of 31.5 in January.
Of the main European indexes, France's CAC40 lead in gains,
closing up 1.88% at 3735.82, followed by Germany's DAX, which
ended the day up 1.62% at 7752.45.
Italy's FTSE MIB climbed 1.57% to 16664.42, followed by
Spain's IBEX35, up 1.44% at 8225.3, while London's FTSE 100
ended up 0.96% at 6379.07.
In Italy, shares of media group Cairo Communication jumped
12% after the company reported it was in exclusive talks to buy
television broadcaster La 7 from Telecom Italia unit Telecom
Italia Media, which, on the contrary, lost nearly 9% on the sale
Meanwhile, Silvio Berlusconi's Mediaset television group
also jumped, by 5.2%, after Berlusconi hinted that he might
return to fill the prime minister's shoes should his People of
Freedom (PdL) party win national elections.
Italian luxury goods group Tod's gained 5.4% on the back of
a positive report from investment bank Nomura.
Banks also performed well Tuesday, with troubled lender MPS
gaining 3.8%, followed by Unicredit (+2.4%) and Intesa Sanpaolo
The Italian bond spread with the German benchmark on
Tuesday ended the day unchanged with respect to Monday's close
of 277 basis points.
The spread is an important gauge of investor confidence in
the Italian economy.
The yield Tuesday on 10-year paper also remained unchanged
with respect to Monday's close, at 4.40%.

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