Spread continues to narrow, down to 239.1 points

Eurozone expected to emerge from recession

Spread continues to narrow, down to 239.1 points

Rome, August 13 - The spread between Italian 10-year bonds and the benchmark German Bund continued to narrow Wednesday to 239.1 basis points from 241.5 at Tuesday's close to set a new two-year low. The latest upswing was credited to a bigger-than-expected rise in German investor confidence Tuesday and confidence that figures due out Wednesday will show the eurozone is edging out of recession. The spread is a key gauge of investor faith in Italy's ability to pay off its debt and emerge from economic crisis. The yield was down to 4.21% in early trading, compared to 4.22% at the close of trading Tuesday. The spread first hit a two-year low on Monday, at 245.5 points. It was more than double that when then premier Silvio Berlusconi was forced to step down in November, 2011 as fears of a Greece-style financial meltdown loomed.

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