Milan bourse climbs 1%

(ANSA) - Rome, October 1 - The Milan stock exchange's FTSE Mib index gained 1% in early trading with rises in bank and oil sector shares driving the gains. The financial markets seem to have put behind them the turbulence seen on Friday, when the FTSE Mib shed 3.72% after the government announced it intended to allow Italy's budget deficit to rise to 2.4% of GDP next year. The spread between Italy's 10-year BTP bond and the German Bund as around 270 basis points with the yield on the BTP at 3.19%.
    The spread, a key measure of investor confidence and of Italy's borrowing costs, closed at 267 basis points on Friday, having crossed the 280 mark at one stage.