Domenica, 23 Settembre 2018

Milan weakens after major drop in Telecom Italia


Milan, July 31 - Despite sound economic data from
the United States, Milan's main financial market weakened
The FTSE-Mib shed 0.37% to close at 16,482 points, pulled
lower by a drop of 6.27% in value of Telecom Italia, over
concerns about the company's future direction and
At the same time, investors seemed to be losing confidence
in the future of Mediaset, the media company at the centre of a
key court ruling involving ex-premier Silvio Berlusconi.
Italy's top appeals court, the Court of Cassation, was
poised to rule on a four-year prison sentence and a five-year
ban from office previously imposed on Berlusconi for tax fraud
involving Mediaset.
Shares in the media company fell by 1.91% on light trading
late in the day.
All of this offset positive news reports that gross
domestic product in the United States rose by 1.7% in the second
quarter, measured at an annualized rate.
That was stronger than expected and exceeded the 1.1% pace
in Q1, the commerce department said.
Meanwhile, the spread between Italy's 10-year bond and its
German counterpart was stable at 274 basis points, practically
unchanged from Tuesday's close of 273 basis points.
Similarly, the yield on Italian 10-year paper closed at
4.40%, unchanged from the previous day.
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 nudged higher by
0.06% on the day, closing at 8,275.97 points, while Paris's CAC
40 edged up by 0.15% at 3,992.69 points, and London's FTSE rose
by 0.76% to end trading at 6,621.06.
Spain's IBEX 35 shed 0.27% to close at 8,433.40 points.

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