Domenica, 23 Settembre 2018

Italy-German spread holds steady at 248 basis points


Milan, September 11 - Milan gained more than 1% in
trading Wednesday, one of the few European financial markets to
show much strength only one day after several jumped to
three-month highs.
The FTSE-Mib climbed by 1.33% to close trading at 17,562
points while the spread between Italian and German bond rates
held steady despite continued high tension between the two
political parties in Italy's governing coalition.
Italy's fragile coalition government remained deadlocked
over the question of whether to eject ex-premier Silvio
Berlusconi from his Senate seat over his first definitive
criminal conviction.
Berlusconi's People of Freedom (PdL) party has warned
Democratic Party (PD) Premier Enrico Letta that his government
will fall if a Senate panel rejects PdL efforts to delay a vote
to strip Berlusconi of his parliamentary seat over his tax fraud
Berlusconi risks losing his Senate seat under the terms of
an anti-corruption law approved in 2012, which the PdL says is
Markets seemed to take the turmoil in stride.
Even bond markets were calm as the spread between Italy's
10-year bond and its German counterpart narrowed to 248 basis
points Wednesday, barely changed from Tuesday's close of 250
basis points.
The yield on Italian 10-year paper closed at 4.52%.
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, Spain's IBEX 35 gained 0.84% to
8,875.20 points while Frankfurt's DAX rose by 0.58% to close at
8,495.73 points.
In Paris, the CAC 40 was essentially unchanged, closing at
4,119.11 points, as was the case in London, where the FTSE index
of leading British shares held steady to close at 6,588.43

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