European markets rise on positive German manufacturing data

Milan leads with a 2.6% gain to 17,309 points

European markets rise on positive German manufacturing data

Milan, August 22 - Markets advanced across Europe on Thursday, led by Milan's FTSE MIB index, which gained 2.6% to 17,309 in the wake of positive German manufacturing and services industries data. The manufacturing index of the eurozone's largest economy saw the index gain to 52 in August from 50.7 in July, according to a report released by Markit Economics. 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 240 points with 10-year yields at 4.3%. The Frankfurt Dax bourse advanced 1.4% to 8,397, while the Paris Cac 40 Index jumped 1.1% to 4,059 points. Madrid's Ibex index advanced 2% to 8,630 points. London's Ftse-100 stock market gained 0.9% to 6,447 points.

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