Milan bourse recovers lost ground, pressure eases on bonds

Money markets regain composure after disappointment over ECB

Milan bourse recovers lost ground, pressure eases on bonds

(ANSA) - Milan, August 3 - The Milan stock exchange recovered Thursday's lost ground on Friday, when its FTSE Mib index gained 4.75%. Bank stocks performed well and Intesa and UniCredit had gained 8% and 7% respectively by 13.00 local time. 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 on Friday too, with the spread between 10-year Italian BTPs and the German benchmark dropping to 479 with a yield of 6.126%. 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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