Milan

Milan jumps by 1.64%, leading other European markets

Italian, German bond spread stable at 273 basis points

Milan jumps by 1.64%, leading other European markets

Milan, July 29 - Milan's main financial market jumped by 1.64% Tuesday, leading most of its European counterparts and driven by gains in Mediaset, the media company at the centre of a key court ruling involving ex-premier Silvio Berlusconi. The FTSE-Mib's gain of 1.64% led it to close at 16,542.9 points, aided by a sharp 3.45% rise in the value of Mediaset. Italy's top appeals court, the Court of Cassation, is poised to rule on a four-year prison sentence previous imposed on Berlusconi for tax fraud involving Mediaset. However, those gains were offset by a drop in the value of Turin-based Fiat, which shed 4.21% on the day. Meanwhile, the spread between Italy's 10-year bond and its German counterpart was stable at 273 basis points, down slightly from Monday's close of 279 basis points. The yield on Italian 10-year paper closed at 4.40%, down slightly from Monday's closing yield of 4.46%. 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 0.15% on the day, closing at 8,271.02 points, while Paris's CAC 40 closed up by 0.45% at 3,986.61 points, and London's FTSE edged up by 0.16% to end trading at 6,570.95. Spain's IBEX 35 climbed by 0.96% to close at 8,456.50 points.

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