Markets soar across Europe on Federal Reserve stimulus plan

Highest levels in over a year, spreads down

Markets soar across Europe on Federal Reserve stimulus plan

(ANSA) - Milan, September 14 - Markets soared across Europe on Friday to the highest levels in more than a year, paced by Milan's FTSE MIB index, after the Federal Reserve said it would buy assets such as mortgage-backed securities to boost growth in the US, the world's largest economy. The Milan bourse jumped 2.3% to 16,624 points, as Madrid's Ibex index rose 2.8% to 8,155 points. The German Dax index climbed 1.4% to 7,412 points, while France’s Cac 40 index advanced 2.3% to 3,581 points. The Ftse-100 index in London gained 1.6% to 5,916 points. The spread, a barometer of Italy's borrowing costs in the eurozone crisis, fell to 331 basis points compared to Thursday's 345 points, with Italian yields levelling at 5%. The spread is a relative barometer of a nation's borrowing borrowing costs generally compared to German ones that is being closely followed by analysts in the eurozone crisis. Finance ministers and central bank representatives of the 17-nation eurozone on Friday started a two-day meeting in Cyprus to discuss the outlook and banking union in the region. EU Economic Affairs Commissioner Olli Rehn said the commission would release its economic forecasts for Europe in early November, adding that he expected the recovery to start nest year. Even so, he said the area was still "subject to risks". Rehn spoke to reporters at the end Friday’s Ecofin meeting. The short-sale ban imposed by the Italian stock market watchdog Consob earlier this year amid the economic crisis that had engulfed stock markets across Europe ended on Friday. Consob said it would continue to "systematically monitor" the situation.

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