Milan, other European markets close on positive note

Spread between Italian, German bonds stable at 269 basis points

Milan, other European markets close on positive note

Milan, July 1 - Milan's leading financial market, like the rest of its European counterparts, showed strong gains Monday. The FTSE-Mib rose by 1.45% to reach 15,459 points as investors showed their enthusiasm for stronger-than-expected economic data in Spain. Spain's manufacturing purchasing managers' index (PMI) rose to 50.0 in June, the highest level in two years, up from 48.1 in May and above expectations for a 48.5 result. That helped to offset investor disappointment with continued high unemployment in Italy. The jobless rate reached 12.2% in May, the highest level since the current reporting system was implemented in the first quarter of 1977, the national statistics agency said Monday. The spread between Italy's 10-year bond and its German counterpart closed at 269 basis points while the yield on Italian 10-year paper also remained stable, closing at 4.41%. 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 gained 0.31%, closing at 7,983.92 points, Paris's CAC 40 rose by 0.76%, closing at 3,767.48 points, Spain's IBEX 35 soared by 1.86% to close at 7,907.10 points, and London's FTSE 100 rose by 1.49% to end trading at 6,307.78.

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