European markets rise on positive economic recovery outlook

Export data, ECB comments buoy stocks

European markets rise on positive economic recovery outlook

Milan, August 8 - Markets advanced across Europe on Thursday, paced by Milan's FTSE-Mib index, lifted by positive export data released from a series of nations reflecting possible economic recovery amid record-low interest rates in the 17-member Eurozone and in the US. Germany's exports rose 0.6% in June from the previous month, according to the Federal Statistics Office data. Chinese overseas shipments meanwhile were calculated to have risen 5.1% in July from the year-earlier month, the General Administration of Customs reported Thursday. The European Central Bank also buoyed markets when it said it expected rates to stay either at current or lower levels in its monthly bulletin released during the course of the day. Italy's FTSE-Mib index jumped 1.8% to 17,146 points. The yield spread between 10-year Italian bonds and the German benchmark equivalent, a barometer of Italy's borrowing costs in the eurozone crisis, closed at 250, the lowest level since May 22. Ten-year bond yields levelled at 4.2%. The Frankfurt Dax bourse rose 0.7% to 8,318, while the Paris Cac 40 Index gained 0.6% to 4,064 points. Madrid's Ibex index advanced 1.1 % to 8,671 points. London's Ftse-100 stock market jumped 0.3% to 6,529 points.

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