Milan bourse falls, spread climbs after Italian downgrade

FTSE Mib sheds 0.7% in early trading

Milan bourse falls, spread climbs after Italian downgrade

Milan, March 11 - The Milan stock exchange's benchmark FTSE MIB index fell 0.7% to 16,090 points in early trading on Monday after Istat confirmed Italy's GDP sank 2.4% in 2012 and Fitch downgraded Italy's credit rating one notch on Friday. The spread between the 10-year Italian bond and the German bund rose to 315 basis points after closing at 307 on Friday. The yield on Italian 10-year bonds increased to 4.65%. The spread is a key measure of Italy's borrowing costs and of investor confidence in the country's ability to weather the eurozone crisis. Italy's woes rippled throughout Europe's major stock exchanges. Madrid fell 0.85% in early trading. Paris and Frankfurt sank 0.38% and 0.19% respectively, while London was flat.

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