Italian stock market opens week on a sluggish note

Other European financial markets rise

Italian stock market opens week on a sluggish note

Milan, January 14 - Italy's leading stock market opened the week on a sluggish note Monday, while other European markets showed small gains. On the Milan Stock Exchange, the FTSE Mib lost 0.63% to close at 17,391 points, pulled down by weakness in shares of insurer Assicurazioni Generali SpA, the third largest insurer in Europe. The company unveiled a major restructuring plan Monday that did not seem to impress investors. Also weak on Monday trading were Parmalat, which lost 2.4% of its stock value, while bank UBI was down by 2.3% and Intesa and MPS were both off by 2%. On the positive side, luxury products-maker Salvatore Ferragamo rose by 4.3% while car maker Fiat rose by 4%. Meanwhile, the spread between Italy's benchmark 10-year bond and its ultra-safe German counterpart closed at 262 basis points with the yield on 10-year Italian paper at 4.17%. In other European markets, Frankfurt's DAX rose by 0.18% to reach 7,729.52 points, while London's FTSE 100 fell by 0.22% to close at 6,107.86 points, Paris's CAC 40 ended the day up by 0.6% at 3,708.25 points, and Spain's IBEX 35 closed trading 0.38% lower at 8,632.10 points.

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