The Milan stock exchange made big gains in early trading on Friday, with bank shares performing especially well. The FTSE Mib index was up by 3% at 16,833 points after over two hours of trading. Leading the way was BPM, up 8.2%, while trading in many banks was suspended due to excessive gains, including UniCredit and Banco Popolare. The spread between the 10-year BTP State bond and the German bund dropped to 151.5 basis points with a yield of 1.51% after closing at 156 points on Thursday. Trading has been volatile this week amid investor concerns about the impact if Britain votes to leave the European Union.
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