Milan, other European markets stagnant in Tuesday's trading

Spread between Italian, German bonds stable at 272 basis points

Milan, other European markets stagnant in Tuesday's trading

Milan, June 18 - Milan's leading financial market, like many of its European counterparts, showed little movement on Tuesday as investors seemed hesitant to commit. The FTSE MIB recorded a very small gain of just 0.02% to close at 16,197 points - essentially unchanged from one day earlier. Investors remained on the sidelines, watching to see what signals will come from the United States Federal Reserve on the future of its massive asset-buying program. Some have been concerned that the American central bank, which began a two-day meeting on Tuesday, is considering suspending the program that has injected huge amounts of liquidity into the economic system. Meanwhile, the spread between Italy's 10-year bond and its German counterpart closed at 272 basis points, essentially unchanged from the previous day, while the yield on Italian 10-year paper also remained stable, closing at 4.28%. 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. On other European markets, Frankfurt's DAX edged up by 0.17%, closing at 8,229.51 points, Paris's CAC 40 slid lower by 0.08%, closing at 3,860.55 points, Spain's IBEX 35 gained 0.54% to close at 8,180.20 points, and London's FTSE 100 rose by 0.69% to end trading at 6,374.21.

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