Domenica, 21 Ottobre 2018

Milan's major stock exchange joins in minor European rally


Milan, February 28 - After devastating losses on
financial markets amid political chaos earlier in the week,
Milan's major stock index continued to recover some lost ground
on Thursday.
On the Milan Stock Exchange, the FTSE MIB gained 0.59% in
trading to end the day at 15,921 points.
Analysts said that investors were beginning to accept the
fact of political uncertainty, following inconclusive Italian
elections earlier in the week.
The banking sector continued to struggle with the prospect
of rising borrowing costs, the price of political uncertainty.
However, one bank - troubled Italian lender Monte dei
Paschi di Siena (MPS) - climbed by 2% at one point on Thursday
after the bank confirmed it had successfully issued 4.07 billion
euros in so-called "Monti bonds".
That came as part of a government-backed bailout for the
bank after it failed to meet the capital requirements set by the
European Banking Authority.
The bond issue was fully purchased by Italy's Treasury, MPS
MPS was generally outperforming other bank stocks Thursday,
with shares in other leading lenders Mediobanca, Intesa Sanpaolo
and Unicredit slightly lower or flat.
Meanwhile, the spread between Italian and German debt, an
indicator of investor confidence in Italian government paper,
narrowed slightly to 327 basis points at close of trading
Thursday, a slight improvement from the 336 basis points spread
reported on Wednesday.
The yield on 10-year Treasury bonds also relaxed slightly
to close at 4.73%, down from 4.81% the day before.
Other European equity markets also ended on a positive
Frankfurt's DAX gained 1.04% to reach 7,753.32 points,
while Paris's CAC 40 rose by 0.90% to close at 3,723 points,
Spain's IBEX 35 closed trading 1.31% higher at 8,243.60 points
while London's FTSE 100 ended the trading day 0.55% higher,
closing at 6,360.81.

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