Milan

Milan, other European markets weaker in Tuesday trading

Spread between Italian, German bonds edges up to 291 basis point

Milan, other European markets weaker in Tuesday trading

Milan, July 16 - Milan's leading financial market followed most of its European counterparts lower in trading Tuesday. The FTSE-Mib dropped by 0.43% to close at 15,529 points, weighed down by Telecom Italia, which lost 3.4% on news it would delay plans to spin off its fixed-line network. Shares in Telecom closed at just 49 euro cents each. The spread between Italy's 10-year bond and its German counterpart closed at 291 basis points, essentially unchanged from the 289 basis points reported one day earlier. The yield on Italian 10-year paper closed at 4.46%, just down from Monday's 4.5%. 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 slipped by 0.41%, closing at 8,201.05 points, Paris's CAC 40 edged 0.71 lower, closing at 3,851.03 points, Spain's IBEX 35 slid by 0.72% to close at 7,798.20 points, and London's FTSE 100 fell by 0.45% to end trading at 6,556.35.

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