Milan

European markets edge lower, Italian bond pressure stable

Milan bourse closes flat, spread at 314 basis points

European markets edge lower, Italian bond pressure stable

Milan, October 22 - European markets mainly lost ground on Monday, while the Italian spread remained stable. Milan's FTSE MIB closed flat, edging forward just 0.03% to close at 15,866 points. Meanwhile, Frankfurt's DAX lost 0.71%. Madrid's IBEX index ceded 0.46%. London's FTSE-100 index fell 0.22%, and Paris's CAC 40 index slipped 0.61%. Athens was the outlier, rising 2.68%. The spread between interest rates on Italian and German bonds closed stable at 314 basis points. The yield on 10-year Italian bonds was 4.77%. The spread between Spanish bonds and the German benchmark closed at 388 basis points. The yield on Spanish 10-year bonds was 5.49%. The bond spread is an important gauge of market confidence in the capacity of Italy and Spain to pay down their huge public debts.

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