Financial markets rise, spread narrows on good news

Spread below 360, yield 5.07%

Financial markets rise, spread narrows on good news

(ANSA) - Rome, October 1 - Investors seized on good economic news Monday morning to push up stock markets and help narrow Italian bond spreads. By late morning, Italy's FTSE Mib index had risen by 1.75% to reach 15,360 points. At the same time, the spread between Italy's benchmark 10-year bond and the corresponding German Bund fell below 360 points, with a yield on Italy's 10-year paper of 5.07%. In Spain, the spread with Germany's benchmark also slipped, to 442 points. The spread provides a gauge of how investors see economic prospects between countries like Italy and Spain, which are facing serious economic problems, and Germany, which is judged to be more stable. Meanwhile, the rally continued across Europe. In Paris, the CAC-40 rose by 1.62% during the morning, and Madrid's bourse was up 1.33% amid eurozone manufacturing data than was stronger than had been expected. At the same time, investors seemed able to ignore high unemployment figures in Europe and weaker economic data coming from Asia. Unemployment in the eurozone stood at 11.4% in July and August, its highest level since the launch of the single currency Eurostat said on Monday.

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