European markets rise on possible Spain bailout package

Italian spread widens

European markets rise on possible Spain bailout package

(ANSA) - Milan, September 21 - Markets advanced across Europe on Friday, paced by Milan's FTSE MIB index, as stocks increased on the back of reports that Spain next week could announce a package of reforms that will permit it to ask for bailout funds. The Financial Times reported today the Spanish government is talking to the European Commission to pave the way for a salvage plan on September 27. The Milan bourse gained 1%, as did the Ftse All Share Index. The yield spread between 10-year Italian bonds and the German benchmark rose, as investor concern about Italy's ongoing debt crisis was pared by the possibility that Spain could receive bailout funds in coming months. The spread, a barometer of Italy's borrowing costs in the eurozone crisis, closed at 345 points with 10-year yields at 5%. The Frankfurt Dax bourse increased 0.8% to 7,451 points, while the Paris Cac 40 Index advanced 0.6% to 3,530 points. Madrid's Ibex index increased 2.6% to 8,230 points. London's Ftse 100 stock market was little changed at 5,852 points.

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