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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