Giovedì, 20 Settembre 2018

Milan, other European markets drop


Milan, June 10 - Investors continued to pull out of
European stock markets Tuesday, driving down value across the
continent and pulling Milan's leading financial market lower.
The FTSE Mib fell by 1.62%, dropping to 16,286 points as
investors fretted over a range of concerns, from poor economic
growth to the outlook for European Central Bank policy interest
Even a German court hearing that began Tuesday into the
ECB's new assistance plan, the Outright Monetary Transactions
program, worried investors.
In Milan, major industrial stocks on Italy's leading stock
exchange were hit hard, including Finmeccanica, which dropped by
3.8%, Mediaset, down 3.94%, and Fonsai, down 3%.
Banks were also undermined by concerns over the outlook for
interest rates: Intesa Sanpaolo shares lost 2.87% Banco Popolare
lost 2.94%, and Unicredit fell by 1.25%.
The spread between Italy's 10-year bond and its German
counterpart widened by as much as 285 basis points during
trading Tuesday before closing at 277, above Monday's close of
269 basis points.
The yield on Italian 10-year paper closed at 4.36%.
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 shed 1.00%,
closing at 8,222.46 points, Paris's CAC 40 slid by 1.39%,
closing at 3,810.56 points, Spain's IBEX 35 shed 1.70% to close
at 8,089.30 points, and London's FTSE 100 fell by 0.94% to end
trading at 6,340.08.

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