Europe markets reverse losses on Greece optimism

Milan shares up slightly as banks post strong quarterly results

Europe markets reverse losses on Greece optimism

(ANSA) – Milan, November 13 – European stocks reversed earlier losses Tuesday closing slightly higher after Greece managed to avoid defaulting on a 5.0 billion euro tranche of public debt and as results at US home improvement giant Home Depot indicated further evidence of a turnaround in the American housing market. Markets were also boosted by reports in the German press that Greece may receive a large dollop of financial assistance in order to help it buy more time with its restructuring program. In terms of markets, Italy’s FTSE MIB ended the day up 1.4%, at 15,333.10, while Spain’s IBEX-35 rose 1.7% to 7,693. Lifting Milan shares were banking giants Unicredit and Intesa Sanpaolo. Unicredit’s latest three-month earnings were higher than market expectations. Foods group Parmalat and eyewear giant Luxottica also closed higher Tuesday, while luxury goods giant Tod’s slipped over 6% after releasing its nine-month results. The other main continental markets, Germany and France, closed marginally higher, with Frankfurt’s DAX edging up 0.01% to 7,169 and Paris’ CAC 40 up 0.56% to 3,430. London’s FTSE 100 closed up 0.33% at 5,876, while Greece’s ASE Composite index advanced 0.4% to 775.72. Meanwhile the spread between Italy’s 10-year benchmark bond and its German equivalent – an indicator of how investors view the prospect’s of Italy’s economy – closed at 362 basis points, slightly lower than Monday’s closing of 368 basis points.

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