Milan flat, other European markets rise Tuesday

Spread between Italian, German bonds edges to 275 basis points

Milan flat, other European markets rise Tuesday

Milan, July 9 - After a powerful showing one day earlier, Milan's leading financial market stalled Tuesday while most of its European counterparts continued to rise in trading. The FTSE-Mib slipped by 0.06% to close at 15,790 points. The spread between Italy's 10-year bond and its German counterpart climbed to 275 basis points from 268 points one day earlier, while the yield on Italian 10-year paper also remained stable, closing at 4.40%. 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 climbed by 1.10%, closing at 8,057.75 points, Paris's CAC 40 gained 0.52%, closing at 3,843.56 points, Spain's IBEX 35 was basically unchanged closing at 8,014.80 points, and London's FTSE 100 climbed by 0.98% to end trading at 6,513.08. Following the close of European markets, Standard & Poor's cut its rating for Italy down to BBB from BBB+ with a negative outlook. In a statement, the ratings agency said the Italian economy will contract by 1.9% in 2013, with a debt-to-GDP ratio of 129%.

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