Giovedì, 20 Settembre 2018
MILAN

Milan, other European markets climb in Monday's trading

English
© ANSA

Milan, May 23 - Milan's leading financial market
was on the rise Monday after reports the European Commission
(EC) is set to end the excessive-deficit procedure against
Italy.
That is expected to free up eight billion euros of public
money in Italy, funds which would otherwise have been applied to
reducing the debt as a percentage of GDP.
As a result, the FTSE-Mib gained 1.55% in Monday's trading,
to climb to 17,159 points.
A conclusion to the excessive-deficit procedure, which will
be felt in next year's budget, is scheduled to be ratified on
Wednesday.
The EC is set to close the procedure it opened in 2009 as
Rome has forecast that Italy's budget-GDP ratio will be under
the 3% threshold allowed by the EU this year, at 2.9%.
It was 3% last year.
A country has to be within the deficit margin for two
consecutive years for the procedure to be closed.
Meanwhile, the spread between Italy's 10-year bond and its
German counterpart closed at 259 basis points, similar to where
it ended trading last week.
The yield on Italian 10-year paper closed at 4.04%.
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 gained 0.94%,
closing at 8,383.30 points, while Paris's CAC 40 rose by 0.97%,
ending trading at 3,995.16 points, and Spain's IBEX 35 gained
1.10% to close at 8,355.90 points.
London's FTSE 100 was closed for a bank holiday.

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