Rome

Milan bourse greets Letta government with gains

Pressure on Italian bonds eases too

Milan bourse greets Letta government with gains

Rome, April 29 - The Milan stock exchange greeted last weekend's swearing-in of Premier Enrico Letta's government and the end of two months of political deadlock in Italy with big gains in early trading on Monday. Milan's FTSE Mib index climbed 1.7% in less than an hour of business, with insurance firm Fonsai, ex-premier Silvio Berlusconi's Mediaset group and bank Intesa Sanpaolo leading the way with gains of 3.8%, 3.3% and 2.8% respectively. Pressure also eased on Italian bonds ahead of a big auction of five-year and 10-year BTP bonds on Monday. The spread between the 10-year bond and the German benchmark, a key measure of Italy's borrowing costs and of investor confidence, dropped to 275 points with the yield under 4%, at 3.9%. The spread closed at 285 points on Friday.

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