Milan shows strongest gains, leading other euro markets

Mixed results among European stock markets

Milan shows strongest gains, leading other euro markets

Milan, January 28 - Italy's major stock market led its European peers Monday on a day when trading was generally weak. On the Milan Stock Exchange, the FTSE Mib gained 0.96% in trading, to end the day at 17,897 points. Italian bank stocks did well on the day, despite the fallout from a derivatives scandal at Italy's third-largest lender, Monte dei Paschi di Siena (MPS). Unicredit gained 1.84% in Monday's trading and Intesa Sanpaolo rose by 2.62% while MPS, which showed dramatic fluctuations during the day, ended 0.65% higher. Market heavyweight Fiat also gained 2.25% in Monday trading. In contrast to Milan, most other markets in Europe showed a poor performance, despite healthy economic news. Rising corporate profits in China and a strong durable goods report from the United States should have meant an overall boost in confidence that the global economic recovery may be imminent. In the US, durable-goods orders for December surged by 4.6% - a much greater result than the 1.6% gains that some analysts were expecting. Meanwhile, the spread between Italy's benchmark 10-year bond and its ultra-safe German counterpart closed at 252 basis points, and the yield on 10-year Italian paper stood at 4.21%, In other European markets, Frankfurt's DAX lost 0.32% to reach 7,833 points, while London's FTSE 100 climbed by 0.16% to close at 6,294.41 points, Paris's CAC 40 ended the day almost unchanged, gaining just 0.07% to close at 3,780.89 points, and Spain's IBEX 35 closed trading 0.60% lower at 8,672.50 points.

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