Milan

Milan stock market posts gains

Italian, German bond spread edges down to 274 basis points

Milan stock market posts gains

Milan, July 24 - The Milan stock exchange gained more than 1% on Wednesday while Madrid's key market reported a sharp rise amid strong eurozone economic figures. Milan's FTSE-Mib rose by 1.26% to close at 16,442 points as financial information company Markit said its monthly purchasing managers' index, a broad gauge of economic activity in the eurozone, rose for the fourth straight month. The index climbed to 50.4 points in July from 48.7 in June, a better-than-anticipated result. That has boosted hope that the eurozone economy is growing again and could signal that the region is moving out of recession. The survey is closely watched as a reliable indicator of trends of business activity. Meanwhile, the spread between Italy's 10-year bond and its German counterpart fell to 274 basis points, down from the 282 basis points reported on Tuesday. The yield on Italian 10-year paper closed at 4.37%, little changed from Tuesday's closing yield of 4.36%. 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 rose by 0.78% on the day, closing at 8,379.11 points, Paris's CAC 40 gained 1.0%, closing at 3,962.75 points, Spain's IBEX 35 jumped by 1.47% to close at 8,192.50 points, and London's FTSE 100 rose by 0.35% to end trading at 6,620.43.

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