Milan

Milan, other European markets slide

Spread between Italian, German bonds stable at 273 basis points

Milan, other European markets slide

Milan, July 2 - After a very strong showing one day earlier, Milan's leading financial market and the rest of its European counterparts regrouped and closed slightly lower on Tuesday. The FTSE-Mib slipped by 0.60% to reach 15,365 points as investors paused to consider their investments in Monday's blockbuster trading day. Some traders were also cautious ahead of major central bank meetings in European countries later this week. The governing council of the European Central Bank meets Thursday morning, while the monetary policy committee of the Bank of England - under the leadership of its new governor, Canadian Mark Carney - holds a two-day session beginning Wednesday. Meanwhile, the spread between Italy's 10-year bond and its German counterpart closed at 273 basis points, slightly higher than Monday's close of 269 basis points. The yield on Italian 10-year paper was relatively stable, closing at 4.43%. 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 fell by 0.92%, closing at 7,910.77 points, Paris's CAC 40 slid by 0.66%, closing at 3,742.57 points, Spain's IBEX 35 dropped 0.26% to close at 7,886.60 points, and London's FTSE 100 was essentially unchanged, closing trading at 6,303.94.

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