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Italy's leading financial index ends day with little change

Spread between Italian, German bonds at 210 basis points

31 January, 20:27
Italy's leading financial index ends day with little change (ANSA) - Milan, January 31 - Italy's leading financial index was one of the few in Europe to hold its own on Friday, ending the day basically unchanged from Thursday while most other major European markets also closed significantly lower. The FTSE Mib ended the trading day slightly higher, rising by just 0.03% to close at 19,418 points, as most European markets reacted to a continued sell-off in emerging market equities.

Investors were also nervous about the United States Federal Reserve's decision, reinforced this week, to continue to withdraw economic stimulus.

On the Italian bond market, the spread between Italy's benchmark 10-year bond and its ultra-safe German counterpart closed at 210 basis points, with the yield on Italy's 10-year paper ending trading at 3.76% - its lowest point since May 2013.

The spread between lending rates in the two countries is an important indication of investor faith in the Italian economy.

On other European markets Spain's IBEX 35 fell by 0.44%, closing at 9,920.20 and Frankfurt's DAX slid lower by 0.71%, closing at 9,306.48 points.

In Paris, the CAC 40 slipped by 0.34%, ending trading at 4,165.72 points, while in London, the FTSE index of leading British shares fell by 0.43% on the day, closing at 6,510.44.