European markets fall, led by Milan bourse

Banks Unicredit, Ubi, Popolare di Milano drag market down

European markets fall, led by Milan bourse

Milan, August 19 - Markets were mixed across Europe on Monday, with Milan's FTSE-Mib dropping after financial services shares posted substantial declines. The Milan bourse declined 2.5% to 17,243, inverting the trend of the last few trading sessions which saw Italian shares gain. The declines were led by banking stocks, with Unicredit and Ubi losing 5.2% and 5.1% respectively. Banca Popolare di Milano fell 4.6%, while Banco Popolare dropped 4.5% and Banca Intesa fell 4.1%. Mediobanca, Italy's largest investment bank, slumped 3.9%. 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 238 points with 10-year yields at 4.3%. The Frankfurt Dax bourse fell 0.3% to 8,366, while the Paris Cac 40 index dropped 1% to 4,083 points. Madrid's Ibex index dropped 1.9% to 8,657 points. London's Ftse-100 stock market fell 0.5% to 6.565 points.

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