European markets advance on German business confidence

RCS jumps 18% amid expectations of new business plan

European markets advance on German business confidence

Milan, November 23 - Markets advanced across Europe on Friday, paced by Milan's FTSE MIB index, as stocks gained after business confidence in Germany showed signs of improvement for the first time in eight months. Germany's Ifo Institute for Economic Research said its business-climate index rose to 101.4 in November from 100 in October, the first increase in eight months. The index compiles a survey of some 7,000 German executives. Economists predicted a drop to 99.5, according to the median estimate of economists in a Bloomberg News survey. Italy's Ftse Mib index gained 0.5% to 15,635 points. RCS, the traded media company that owns Italy's largest newspaper Corriere della Sera, jumped 18% on positive expectations regarding an upcoming business plan. The company's board is slated to hold an informal meeting on Sunday. The yield spread between 10-year Italian bonds and the German benchmark, a barometer of Italy's borrowing costs in the eurozone crisis, closed at 331 points with 10-year yields at 4.8%. The Frankfurt Dax bourse gained 0.9% at 7,309, while the Paris Cac 40 Index advanced 0.9% to 3,528 points. Madrid's Ibex index rose 0.2% to 7,894 points. London's Ftse-100 stock market advanced 0.5% to 5,819 points.

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