Europe markets mixed as Milan gains, London, Madrid flat

Mediaset shares slump 3% on Berlusconi fraud conviction

Europe markets mixed as Milan gains, London, Madrid flat

Milan, October 26 - Markets were mixed across Europe on Friday, paced by Milan's FTSE MIB index, as higher-than-expected economic growth figures released for the third quarter of the year in the US failed to offset the negative effects of lower-than-expected earnings from companies such as Apple Inc. and Goodyear Tire & Rubber Co. Italy's FTSE MIB index rose 0.4% to 15,584 points. Shares in Mediaset, the company controlled by ex-premier Silvio Berlusconi, slumped 3% on Milan's stock market following news that the media mogul was convicted of fraud by a Milan court. Berlusconi was found guilty of tax fraud in the trading of film rights for TV broadcasts by his Mediaset media empire, sentenced to four years in prison and banned from public office for five years. Berlusconi is expected to appeal the verdict. The US grew a higher-than-expected 2% in the three months ending in September, as a large increase in government lending fed through to economic growth in the world's largest economy. A group of 86 economists surveyed by Bloomberg had predicted a 1.8% gain in economic growth for the period. The data is the last important economic data to be released before the November presidential elections on November 6, in which incumbent Barack Obama is challenged by Republican candidate Mitt Romney. Analysts broadly believe that good economic news will help Obama's chances of re-election. The US economy had grown 1.3% in the second quarter of the year The yield spread between 10-year Italian bonds and the German benchmark rose, as investor concern about the ongoing debt crisis was pared by the possibility of concrete action by the region's political leaders in conjunction with the European Central Bank. The spread, a barometer of Italy's borrowing costs in the eurozone crisis, closed at 336 points with 10-year yields at 4.9%. The Frankfurt Dax bourse fell 0.4% at 7,232, while the Paris Cac 40 Index rose 0.7% to 3,435 points. Madrid's Ibex index was little changed at 7,775 points. London's Ftse-100 stock market was also flat at 5,806 points.

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  • wavettore

    27 Ottobre 2012 - 00:12

    In a new and long lasting form of government, Trust can no longer be one of its components. All efforts should be made to form a new type of government with new mechanisms that will not require the element of Trust or the promise of a politician to guarantee that the will of the majority will always be reflected in the laws of that government. This will be a system that could improve in time the already existing possibility of such government today structured through the use of the Internet. A new form of Democratic government is Commutalism


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