Milan bourse recovers 3%, spread back below 500 points

Money markets regain composure after disappointment over ECB

Milan bourse recovers 3%, spread back below 500 points

(ANSA) - Milan, August 3 - The Milan stock exchange recovered much of Thursday's lost ground in early trading on Friday, when its FTSE Mib index gained 3% to climb to 13,691 points,. Bank stocks performed well, with Intesa and UniCredit both gaining 5% and Fiat was up 3.18%. The FTSE Mib closed 4.64% down on Thursday after European Central Bank President Mario Draghi poured cold water on investor expectations that the bank was about to intervene on the money markets to support the bonds of countries at the centre of the eurozone crisis. The pressure on Italy's bonds eased slightly too, with the spread between 10-year Italian BTPs and the German benchmark dropping back below the 500-points mark to 495 with a yield of 6.2%. The rection to Draghi's comments sent the spread soaring over 60 points to close near to 506 points on Thursday. The yield spread is an important barometer of Italy's borrowing costs and of market confidence in the country's ability to weather the eurozone crisis.

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