Martedì, 23 Ottobre 2018

European markets edge slightly higher


Milan, April 9 - European markets ended a slow day
with modest gains helped by news of slowing inflation in China
and some good corporate profits out of the US.
Among European markets, Milan - boosted by telecoms, banks
and media - was the best performer, notching up a 1.3% gain to
close at 15,436.07, while the spread between Italian and German
10-year government debt remained essentially unchanged.
Spain's IBEX came next, closing up 1.1% at 7,872.5,
followed by the UK's FTSE 100 (+0.6% at 6,313.21), Germany's DAX
(+0.3% at 7,637.51) and France's CAC 40 (+0.1% at3,670.72)
Milan shares were helped by gains in Mediaset and
Mediobanca, which traded up over 5 percent.
Mediobanca gained 5.5% after the company's board gave the
green light to the bank's participation in a capital increase
for troubled publishing company RCS, owner of Italy's Corriere
della Sera.
Other banks on the financials-heavy MIB index also gained,
including BPM (+2.53%) and UniCredit (+1.89%).
Shares in Telecom Italia jumped 3.8% on reports that Hong
Kong billionaire Li Ka-shing's Hutchison Whampoa holding company
was interested in obtaining an up to 29.9% stake in the firm.
The company is reportedly in talks with Telecom Italia
geared towards merging its 3 Italia mobile unit into the former
Italian state monopoly in exchange for a 25% stake in Telecom.
The dossier is to be examined at Telecom Italia's Thursday
board meeting, according to press reports.
In a sign that investors may be a bit less skittish on the
Italian economy's prospects, the spread between Italy's
benchmark 10-year Btp and its German counterpart on Tuesday
closed at 309 basis points, essentially unchanged on Monday's
310 basis point close.

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