Milan

Italy spread with german bonds stable at 262 points

European markets mostly flat

Italy spread with german bonds stable at 262 points

Milan, January 22 - The spread between Italian 10-year bonds and the benchmark German bund ended Tuesday stable at 262 basis points following a successful bond auction in Spain, where the country sold more three- and six-month Treasury bills than originally planned. In a thin corporate news day, European stock markets ended flat despite a better-than-expected reading in Germany's ZEW business confidence survey, which helped exchanges recover some early Tuesday losses. Milan's FTSE-MIB ended up 0.48% at 17715.90, Paris's CAC 40 closed down 0.59% at 3741.01, Germany's DAX closed 0.68% lower at 7696.21, Spain's IBEX 35 ended 0.39% at 8632.10 and London's FTSE 100 closed the day 0.03% lower at 6179.17. Investors in Italian defense giant Finmeccanica pushed shares up almost 5% on expectations the company will announce developments on the sale of energy unit Ansaldo Energia on Wednesday. Investors also boosted shares in Enel Green Power, following a positive report on the company by SocGen analysts. Meanwhile, investors pelted bank MPS (-5.7%) following reports of derivatives transactions in 2009 which were used to improve its financial accounts and could lead to a 220-million-euro charge for 2012.

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