Milan bourse down despite 8.5-bln-euro bond auction

EC announces Cyprus-like deposit taxes 'a possibility'

Milan bourse down despite 8.5-bln-euro bond auction

Milan, March 26 - Midday trading on the Milan bourse was down Tuesday while the bond spread with the German benchmark bund narrowed after a successful quarterly bond auction where the Treasury unloaded 8.5 billion euros in State paper. The FTSE-Mib was down 1.2% at 15,456 points, held down by Telecom, down 5.6%, troubled Italian bank MPS, down 2.56% and automaker Fiat, down 1.86% Losses were partially diminished by tire maker Pirelli, up 1.37%, and Italian bank BPM, up 1.22%. The downturn came after the European Commission announced large bank deposits in Europe could be taxed for future bank bailouts, similar to the Cyprus bailout agreed Monday. The spread, an important indicator of investor confidence in the country's ability to exit the euro crisis, fell eight basis points to 320. The yield was down to 4.58%.

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