Milan

European markets fall on U.S. business activity report

MNI Chicago Report business index drops to lowest in 3 years

European markets fall on U.S. business activity report

Milan, April 30 - Markets dropped across Europe on Tuesday, paced by Milan's FTSE-Mib index, as a report on business activity in the US showed it was slowing in the world's largest economy, triggering fears of contagion. The MNI Chicago Report's business index fell to 49 in April, the lowest level in three years, from 52.4 in March. Italy's FTSE-Mib index fell 1% to 16,767 points. The yield spread between 10-year Italian bonds and the German benchmark equivalent, a barometer of Italy's borrowing costs in the eurozone crisis, closed at 267 points with 10-year yields at 3.9%. The Frankfurt Dax bourse gained 0.5 % to 7,913, while the Paris Cac 40 index dropped 0.3% to 3,856 points. Madrid's Ibex index fell 0.4% to 8,419 points. London's Ftse-100 stock market declined 0.4% to 6,430 points.

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