Arab Today, arab today stocks slide and spreads rise on lack of news from eurogroup
Last Updated : GMT 06:30:05
Arab Today, arab today
Arab Today, arab today

Stocks slide and spreads rise on lack of news from Eurogroup

Arab Today, arab today

Arab Today, arab today Stocks slide and spreads rise on lack of news from Eurogroup

Milan - ANSA

The Milan bourse saw the worst performance among Europe\'s major stock exchanges on a generally grim day for equities on Monday. The FTSE MIB index lost 1.98% to close at 15,562 points, with credit institutions and the automaker Fiat losing ground in particular. Press rumors of a regulator inquiry into Fiat\'s liquidity sent the stock price down 4.16% to 4.29 euros, though Fiat denied the press report. Italian banks suffered from the absence of news on hoped-for progress from the Eurogroup meeting of finance ministers on Spain and Greece. Madrid\'s Ibex 35 index closed down 0.80% at 7,891 points, but Paris fared worse - the Paris CAC 40 lost 1.46% to close at 3,406.53 points. Frankfurt\'s DAX index slipped 1.44% to 7291.21 points. London\'s FTSE-100 index lost less terrain, falling 0.50% to 5,841.74 points. Bond spreads edged higher on Monday. The difference between interest rates on Italian and German 10-year bonds closed at 360 basis points, whereas on Friday the spread had closed at 353 points. The yield Monday on the Italian paper was 5.07%. The spread between Spanish bonds and the German benchmark closed at 423 basis points. The yield on 10-year Spanish bonds was 5.71%. The bond spread is an important gauge of market confidence in the ability of Italy and Spain to pay down their huge public debts.  

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