Milan

Milan bourse down, spread up amid Turkish fears

UniCredit under heavy pressure

Milan bourse down, spread up amid Turkish fears

Milan, August 10 - The Milan stock exchange's FTSE Mib index closed 2.51% down on 21,090 points on Friday amid fears about the consequences of plunge in the Turkish lira. The bourse was 3% down at one stage in the afternoon. UniCredit stock was under particularly heavy pressure. The Italian bank owns Turkish lender Yapi Kredi. Its share price was suspended for excess volatility when it was 5.8% down at 13.60 euros, compared to its starting price of 14.46 euros on Friday. The spread between Italy's 10-year BTP bond and the German bund, meanwhile, climbed to 264 basis points, with the yield on the BTP close to 3% at 2.96%. The BTP closed at 252 points on Thursday.

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