Milan gains, other European markets slide

FTSE Mib index closes 0.33% up

Milan gains, other European markets slide

Milan, January 8 - Italy's leading financial market showed small gains Tuesday, thanks to a rise in bank stocks, while most others across Europe continued a slow slide. The Milan Stock Exchange's FTSE Mib gained 0.33% to close at 16,961 points, lifted by continued investor interest in banks shares. Overall, the financial services sector has been on the rise over news that implementation of some Basel III liquidity standards have been delayed for four years and other requirements eased. Italian banks already meet the Basel III liquidity requirements, but the easing of rules announced Sunday after a meeting of regulatory chiefs in Basel, Switzerland, was generally positive for financial sector stocks. Meanwhile, the spread between Italy's benchmark 10-year bond and its ultra-safe German counterpart edged lower to close Tuesday at 279 basis points, down from Monday's close of 283 basis points. At close of trading Tuesday, the yield on 10-year Italian paper stood at 4.29%, just down from 4.34% one day earlier. In other European markets, Frankfurt's DAX closed lower, falling by 0.48% to reach 7,695.83 points, while London's FTSE 100 fell by 0.18% to close at 6,053.63 points, Paris's CAC 40 ended the day unchanged at 3,704.64 points, and Spain's IBEX 35 closed 0.40% higher at 8,453 points.

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