Sabato, 22 Settembre 2018
MILAN

Milan, other European markets fall

English
© ANSA

Milan, May 30 - Milan's leading financial market,
like most of its European counterparts, lost ground on Monday
following weak economic reports from the United States and
Germany.
Milan's FTSE Mib fell by 0.91% to end the day at 17,058
points.
Investors fretted after reports that a key measure of
American manufacturing strength dropped last month to its lowest
level since June 2009.
The Institute for Supply Management reported its index of
manufacturing activity fell to 49 in May from 50.7 in April.
Weaker manufacturing suggests the overall U.S. economy will
slow in the second quarter of this year.
Meanwhile, the International Monetary Fund lowered its
forecast for German growth this year.
"Amid still elevated euro area uncertainty, we now project
GDP (gross domestic product) in Germany to expand at around
0.3%," compared with a previous forecast of 0.6%, the IMF said
in a statement.
Still, the IMF predicted that Europe's biggest economy will
experience an economic recovery in the second half of this year.
Despite the news, the spread between Italy's 10-year bond
and its German counterpart closed at 264 basis points, roughly
unchanged from late last week.
The yield on Italian 10-year paper closed at 4.16%.
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 lost 0.76%, closing at 8,285.80 points,
while Paris's CAC 40 fell by 0.71%, closing at 3,920.67 points,
and Spain's IBEX 35 shed 0.44% to close at 8,284.40 points.
London's FTSE 100 fell by 0.88% points to close at 6,525.12
points.

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