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Milan stock market loses ground despite optimism in Greece

November 28, 2012 Ansa
Milan's stock market closed slightly lower Tuesday while other European markets edged a bit higher on the day.

Analysts said there was no particular news moving markets by close of trading as the Milan's FTSE Mib fell by 0.26% to end the day at 15,479 points. Earlier, markets had been buoyed by news that a deal was reached with Eurogroup finance ministers on Greece, allowing the International Monetary Fund (IMF) to put the finishing touches on a new package of aid for the troubled country.

However, optimism generated by the news faded as the day progressed.

In positive news, the spread between Italy's 10-year bond and its German counterpart closed Tuesday at a relatively modest 330 basis points, with a yield of 4.74% on the Italian paper.

The spread is a good indicator of investor confidence in the Italian economy in relation to the relative strength of powerhouse Germany.

Monday's spread between Spanish and German bonds stood at 410 basis points, with a yield on the Spanish benchmark bond of 5.53%.

Results were mixed on other European markets.

In Madrid, the Ibex 35 index slipped by 0.14% to close at 7,863.70 points while in Paris, the Cac 40 was practically unchanged, gaining just 0.03% to end the day at 3,502.13 points.

London showed more positive results, as the FTSE-100 index gained 0.22% to reach 5,799.71 points; and in Frankfurt, the Dax index closed higher by 0.55%, to 7,332.33 points.