Lunedì, 24 Settembre 2018

Milan, most other European markets drop


Milan, June 10 - Concerns over the outlook for the
Italian economy pulled Milan's leading financial market down on
The FTSE Mib fell by 0.81%, dropping to 16,556 points as
investors fretted over new reports showing that Italy's gross
domestic product (GDP) shrank 2.4% in the first quarter of 2013
compared to the same period last year.
When compared with the previous quarter, GDP in the first
three months of the year fell by 0.6%, Italian statistics agency
Istat announced on Monday.
Istat's report shaved 0.1% from its previous estimate on
May 15, when it calculated that Italy's GDP in the first quarter
contracted 2.3% on an annual basis and 0.5% quarter-to-quarter.
The agency said the new estimate translates into an
economic contraction of 1.6% for this year compared to 2012 - if
there is no further economic variation in the remaining quarters
of the year.
Concerns about economic growth weighed on major industrial
stocks on Italy's leading stock exchange, including Fiat, which
shed 4.67% of its value, and Telecom Italia, down 4.48%.
Similar fears also weighed on bank stocks as investors
worried about rising interest rates and the spread between
Italian and German bonds.
The spread between Italy's 10-year bond and its German
counterpart closed at 269 basis points on Monday, the same level
where it ended trading last Friday following a week of steady
The yield on Italian 10-year paper closed at 4.29%.
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, only Frankfurt's DAX showed any
strength, gaining 0.64% and closing at 8,307.69 points,
Meanwhile Paris's CAC 40 slid by 0.21%, closing at 3,863.36
points, Spain's IBEX 35 shed 0.47% to close at 8,227.40 points,
and London's FTSE 100 fell by 0.18% to end trading at 6,400.45.

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