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European shares advance as Milan closes up 1.03%

Spread ends day at four-year low of 170 basis points

01 April, 20:13
European shares advance as Milan closes up 1.03% (ANSA) - Milan, April 1 - Italy's stock market added 1.03% Tuesday as its FTSE Mib index closed at 21,915 points for the first time since May 2011.

The FTSE Mib is the fourth best-performing stock exchange worldwide since the beginning of 2014 and has risen 14% in the first quarter, according to the Il Sole 24 Ore financial paper.

The spread between Italy's benchmark 10-year bond and its ultra-safe German counterpart closed at 169.80 basis points, the lowest since January 2011, while the yield on Italy's 10-year paper ended the trading day at 3.29%.

The spread is a key measure of Italy's borrowing costs and of investor confidence in the country.

Elsewhere in Europe, Madrid's IBEX 35 index advanced 1.19% to end at 10,463.10 points, while the CAC 40 index in Paris added 0.80% to close at 4,426.72 points and the Frankfurt DAX index rose by 0.50% to end trading at 9,603.71 points.

In London, the FTSE-100 index closed up 0.82% at 6,652.61 points while in the Greek capital, the ATHEX index added 0.52% to close at 1,342.75 points.