Milan

Bond spreads narrow, European stock markets edge up

Yield dips below 5%

Bond spreads narrow, European stock markets edge up

(ANSA) - Milan, September 19 - The spread between the interest rate on Italy's BTP and the German bund narrowed on Wednesday, closing at 329 basis points, with the yield on Italian 10-year bonds at 4.92% . Wednesday's close was 12 basis points lower than Tuesday's, when the yield was 5.05%. Spain benefited too. The spread between its 10-year bonos and the German benchmark sank to 407 basis points. On Tuesday it had closed at 426. The yield on Spanish 10-year bonds was 5.69% Wednesday, compared to 5.85% a day earlier. The spread between German bond rates and those of Italy and Spain are considered important indicators of market confidence on whether Italy and Spain will meet their public debt payments. European markets did no harm Wednesday, with the Madrid Ibex (+0.5%), London FTSE-100 (+0.43%), Paris CAC 40 (+0.53%), Frankfurt DAX (+0.59%) and Milan FTSE MIB (+0.15%) all edging upward.

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