Venerdì, 19 Ottobre 2018

Italian, European markets close on negative note


Milan, March 1 - Milan's major stock index, the
FTSE-Mib, shed 1.54% during trading to close at 15,675 points on
Friday, ending a difficult week for Italy's financial market.
Friday's fall undermined small gains made the previous day
following sharp losses due to political uncertainty as a result
of inconclusive general elections earlier in the week.
Private television network Mediaset owned by ex-premier and
centre-right leader Silvio Berlusconi fared particularly badly,
falling just over 8% to 1.56 euros per share amid market
speculation that the media magnate's People of Freedom (PdL)
party might be excluded from a future government.
Meanwhile, the yield spread between Italian 10-year bonds
and their benchmark German equivalent closed just under 340
basis points, well above the 327 points registered at the close
of Thursday trading.
The bond spread is a key indicator of investor confidence
in Italy's ability to service its considerable public debt.
The yield on 10-year Treasury bonds also increased slightly
to close at 4.79%, up from 4.73% the day before.
Other European equity markets also closed on a negative
note due to the production slowdown in China and the UK and
record unemployment levels for January in eurozone countries.
Frankfurt's DAX lost 0.43% to reach 7,708.16 points, while
Paris's CAC 40 fell by 0.62% to close at 3,699.91 points,
Madrid's IBEX 35 dropped 0.52% to settle at 8,187.10 points and
Athens lost 1.74% to close at 990.42 points.
Only London's FTSE 100 bucked the negative trend, ending
the trading day 0.28% higher to close at 6,378.6 points.

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