Martedì, 18 Settembre 2018

Milan, other European markets gain in trading Wednesday


Milan, May 15 - Investor optimism in another
interest-rate cut by the European Central Bank helped to push
Milan and most other European financial markets higher on
On the Milan Stock Exchange, the FTSE-Mib rose by 1.02% to
close trading at 17,492 points.
Other European markets also rose - driven, some analysts
said, by weak economic data that many think could push the ECB
to lower its trend-setting interest rate.
Italy's gross domestic product (GDP) fell by 0.5% in the
first three months of 2013, national statistics agency Istat
said Wednesday.
That means that Italy's recession has become the longest on
record, with seven straight quarterly drops in GDP.
And Italy is not alone in economic woes.
Eurostat, the statistics office of the European Union,
reported that GDP for the currency bloc dropped 0.2% in the
first quarter of 2013, meaning that the eurozone is in its
longest recession since it was created.
Downturns in France, Italy, Spain and the Netherlands drove
the downturn, while Germany grew by a meagre 0.1% in Q1.
Earlier this month, the ECB lowered its main rate by a
quarter of one percentage point to a record low 0.50% and hinted
that more stimulus may yet be needed.
Meanwhile, the debt market in Italy was treading water on
Wednesday, maintaining the spread between Italian and German
It closed trading at 262 basis points, essentially
unchanged on the week, with a yield on 10-year Treasury bonds
closing at 4.01%.
The spread between lending rates in the two countries is
seen as an indication of investor faith in the Italian economy
and its ability to cope with a lingering recession.
On other European markets, Frankfurt's DAX was unchanged
from Tuesday, closing at 8,278.59 points, while Paris's CAC 40
rose by 0.41%, closing at 3,982.23 points, and London's FTSE 100
ended the trading day 0.10% higher, closing at 6,631.76.
Spain's IBEX 35 gained 1.27% to close at 8,582.50 points.

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