Milan

European stock exchanges, including Italy, little changed

Milan stock market rises slightly despite negative economic news

European stock exchanges, including Italy, little changed

Milan, January 15 - Italy's leading stock market showed small gains on Tuesday, despite negative economic news, while results were uneven on other European markets. On the Milan Stock Exchange, the FTSE Mib closed 0.44% higher on the day to reach 17,467 points. Investors were mulling over dismal news from the United States, where debate continues over its debt ceiling, and reported weakness in Germany, Europe's largest economy. Germany's statistics office said Tuesday that during the final quarter of 2012, the economy shrank more than at any time in the past three years. In the US, new fears are rising that a deadlock in debate over its debt ceiling could lead to a default by spring in the world's largest economy. Meanwhile the spread between Italy's benchmark 10-year bond and its ultra-safe German counterpart closed up at 271 basis points with the yield on 10-year Italian paper at 4.20%. In other European markets, Frankfurt's DAX dropped by 0.69% to reach 7,675.91 points, while London's FTSE 100 gained 0.15% to close at 6,117.31 points, Paris's CAC 40 ended the day down by 0.29% to 3,697.35 points, and Spain's IBEX 35 closed trading 0.36% lower at 8,601.10 points.

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