Milan slides while other financial markets close higher

Outlook for enormous Chinese economy bolsters confidence

Milan slides while other financial markets close higher

Milan, December 5 - Italian financial markets closed slightly lower Wednesday while most other European markets showed small gains amid investor confidence in the outlook for China's economy. A government think-tank said China's economy will grow by 7.7% this year, rising to 8.2% in 2013. At the same time, new Communist Party chief Xi Jinping pledged to do everything possible to stabilize his country's economy. Tax reform and more open commodity markets are among Xi's stated priorities, which bolstered some financial markets, encouraged by the prospect of rising demand from the massive Chinese economy. However, in Milan the FTSE Mib lost 0.54%, to close at 15,954 points, just below the psychological threshold of 16,000 points. The spread between Italy's benchmark 10-year bond and its German counterpart closed trading Wednesday at 310 basis points, up from 303 on Tuesday's close but still close to the psychologically important mark of 300 points. The yield on 10-year Italian paper rose slightly to 4.44%. Meanwhile, in Frankfurt the Dax gained 0.26% on the day, rising to 7,454.55 points while in Paris, the CAC 40 index gained 0.28% to close at 3,590.50 points. London's FTSE-100 index gained 0.39% to end trading at 5,892.08 points while Madrid's Ibex 35 index lost 0.24% to close at 7,883.20 points.

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