Milan, other European stock markets, uneven at midweek

Italy's main financial market ends day lower on profit taking

Milan, other European stock markets, uneven at midweek

Milan, January 16 - Italy's leading stock market slid on Wednesday while results were uneven on other European markets. On the Milan Stock Exchange, the FTSE Mib closed 0.73% lower in trading, to end the day at 17,339 points. Analysts blamed profit-taking for some of the losses in Milan and other European markets. Investors were also mulling over troubling new international statistics after the World Bank cut its global growth forecast for 2013 to 2.4% from the June forecast of 3% growth. It blamed the reduction on the effects of austerity measures, high unemployment, and low business confidence in developed nations. Meanwhile the spread between Italy's benchmark 10-year bond and its ultra-safe German counterpart closed at 261 basis points, down by a full 10 basis points from the previous day's close. The yield on 10-year Italian paper stood at 4.18%, down slightly from the 4.20% at Tuesday's close. In other European markets, Frankfurt's DAX gained 0.20% to reach 7,691.13 points, while London's FTSE 100 fell by 0.22% to close at 6,103.98 points, Paris's CAC 40 ended the day 0.30% higher at 3,708.49 points, and Spain's IBEX 35 closed trading 0.23% lower at 8,561.10 points.

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