Milan among worst-hit as European markets dive

FTSE Mib dragged down by telecom italia spinoff plan

Milan among worst-hit as European markets dive

Milan, May 31 - Markets fell across Europe on Friday and the Milan stock exchange's FTSE Mib index was among the worst-hit. The Ftse Mib index dropped 0.8% to 17,214 points, after being dragged down by Telecom Italia. The telecommunications giant lost 5.8% in the day's trading with investors having doubts about its announced plan to spin off its fixed-line network. The yield spread between 10-year Italian bonds and the German benchmark, a barometer of Italy's borrowing costs in the eurozone crisis, closed at 265 points with 10-year yields at 4.2%. The Frankfurt Dax bourse closed 0.6% down at 8,348, while the Paris Cac 40 dropped 1.2% to 3,948 points. Madrid's Ibex index fell 1.3% to 8,320 points. London's FTSE-100 dropped 1.1% to 6,583 points.

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