Milan

European markets slump amid new economic growth concerns

Microsoft, McDonald's and GE miss profit forecasts

European markets slump amid new economic growth concerns

Milan, October 19 - Markets slumped across Europe on Friday, paced by Milan's Ftse Mib index, as stocks reacted negatively to U.S. companies' profit announcements and after European leaders failed to discuss a financial bailout plan for Spain at a meeting in Brussels. Italy's Ftse Mib index dropped 2% to 15,862 points, led by stocks such as media company Mediaset, which dropped 5.7%, and Finmeccanica, which fell 5.6%. The yield spread between 10-year Italian bonds and the German benchmark closed at 317, as investor concern about the ongoing debt crisis was heightened by the failure of European leaders to further discuss a financial bailout plan for Spain at a summit in Brussels. The spread, a barometer of Italy's borrowing costs in the eurozone crisis, closed with 10-year yields at 4.8%. Stocks across Europe fell after Microsoft Corp., McDonald's Corp. and General Electric Co. missed their earnings estimates. The Frankfurt Dax bourse fell 0.8% to 7,380 points, while the Paris Cac 40 Index dropped 0.9% to 3,504 points. Madrid's Ibex index fell 2.31% to close at 7,913.40 points. London's Ftse-100 stock market fell 0.4% to 5,896 points.

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