Milan

Italian, German bond spread narrows to 293 basis points

Milan, European markets jump on consumer optimism

Italian, German bond spread narrows to 293 basis points

Milan, June 25 - Milan's leading financial market, like most of its European counterparts, was on a tear Wednesday with strong gains across the board. The FTSE-Mib jumped by 2.03% to close at 15,362.88 points as investors across Europe were buoyed by better-than-expected economic news on consumer confidence in Germany. Data released Wednesday showed German consumer optimism hit a six-year high, as a strong labour market and rising wages lift the prospects for household income prospects and their economic outlook. Meanwhile, the spread between Italy's 10-year bond and its German counterpart closed at 293 basis points, down slightly from Tuesday's close of 306 basis points. 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. The yield on Italian 10-year paper closed at 4.69%, down from Tuesday's close of 4.85%. On other European markets, Frankfurt's DAX jumped by 1.66%, closing at 7,940.99 points, Paris's CAC 40 climbed by 2%, closing at 3,726.05 points, Spain's IBEX 35 jumped by a remarkable 2.83% to close at 7,823 points, and London's FTSE 100 rose by 1.04% to end trading at 6,165.48.

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