Milan shows gains, other European markets slide

Investors encouraged by re-election of Italian president

Milan shows gains, other European markets slide

Milan, April 22 - Encouraged by the re-election of Italian President Giorgio Napolitano, the country's major financial exchange gained ground on Monday. On the Milan Stock Exchange, the FTSE-Mib climbed by 1.65% to close Monday's trading at 16,021 points. Other European markets were less decisive, some slipping after dismal news from the United States housing market and the implications for its economy. But investors' enthusiasm over the possibility of some political stability in Italy helped to narrow the spread between Italian and German debt. The spread shrank to 282 basis points at close of trading Monday, the lowest level since November 2010. The yield on 10-year Treasury bonds closed at 4.05%. The spread between lending rates in the two countries is seen as an indication of investor faith in the Italian economy and its ability to cope with a lingering recession. Meanwhile, concerns about the global growth outlook could be seen across indices as investors digested news that U.S. existing housing sales unexpectedly declined in March. Frankfurt's DAX rose by 0.24% to reach 7,478.11 points, while Paris's CAC 40 was unchanged on the day, closing at 3,652.13 points, and London's Ftse-100 ended the trading day 0.09% lower, closing at 6,280.62. Spain's IBEX 35 took a dramatic jump on the day, closing up by 1.42% to close at 8,027.70 points.

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