Lunedì, 22 Ottobre 2018
MILAN

European markets gain following strong U.S. indicators

English
© ANSA

Milan, May 28 - European stocks climbed Tuesday
buoyed by the release of robust economic reports from the US
which pointed to increasing strength in the world's largest
economy.
US consumer confidence in May rose to the highest level
since February 2008, according to figures released Tuesday,
while the Standard & Poor's Case-Shiller index showed home
prices in 20 cities across the United States posted year-on-year
growth for the third month in a row.
The indicators boosted Europe's markets, with Milan leading
the bulls, helped also by expectations that the EU will end its
excessive-deficit procedure against the country as soon as
Wednesday.
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.
The FTSE-Mib ended the day up 2.1% at 17,519.79, followed
by Madrid's IBEX 35, up 1.77% at 8,511.3 and London's FTSE 100
gaining 1.62% at 6,762.01.
Paris's CAC 40 and Frankfurt's DAX also edged higher,
ending up, respectively, 1.39%, at 4,050.56, and 1.16%, at
8,480.87.
In Italy, banking shares performed particularly well
following a report by credit rating agency Moody's which raised
its outlook on the US banking system.
Leading gainers in Italy's financials were Intesa Sanpaolo,
up 3.8%, followed by Bper, up 3.5%, and Unicredit, up 3.4
percent.
Fiat, Italy's largest industrial company, also boosted
Milan after its shares jumped 3.45%.
Investors piled into the stock following news the company
was studying ways to complete integration with its US-based
Chrysler unit and possibly plan an over $20-billion US stock
listing.
Meanwhile, the spread between Italy's 10-year bond and its
German counterpart closed at 253.5 basis points, down from 259
basis points Monday.
The yield on Italian 10-year paper closed at 4.03%.
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.

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