Milan, other European markets drop in Wednesday's trading

Spread between Italian, German bonds climbs to 284 basis points

Milan, other European markets drop in Wednesday's trading

Milan, July 3 - Milan's leading financial market joined most of its European counterparts on a downward trend in trading Wednesday. The FTSE Mib fell by 0.53%, dropping to 15,315 points as investors fretted over negative world news including escalating unrest in Egypt and signs of an economic slowdown in China. The spread between Italy's 10-year bond and its German counterpart climbed to 284 basis points while the yield on Italian 10-year paper also remained stable, closing at 4.49%. 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 1.03%, closing at 7,829.32 points, Paris's CAC 40 slid by 1.08%, closing at 3,702.01 points, Spain's IBEX 35 fell by 1.47% to close at 7,770.40 points, and London's FTSE 100 lost 1.17% to end trading at 6,229.87.

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