European markets rise on positive US job data

Markets rose across Europe on Thursday for the first time in four days after the US posted data showing that jobless claims in the world's largest economy had dropped to the lowest levels in more than four years. Italy's Ftse Mib index gained 1.3% to 15,634 points on the news that applications for unemployment benefits in the US fell 30,000 to 339,000 at the end of last week compared to 367,000 for the comparable period, according to data released by the labor department. The yield spread between 10-year Italian bonds and the German benchmark fell as investor concern about the ongoing debt crisis was pared by the possibility of a nascent US-led economic recovery. The spread, a barometer of Italy's borrowing costs in the eurozone crisis, closed at 352 points with 10-year yields at 5%. The Frankfurt Dax bourse gained 1.1% to close at 7,281 points, while the Paris Cac 40 Index advanced 1.4% to close at 3,413 points. Madrid's Ibex index rose 0.9% to 7,734 points. London's Ftse-100 stock market climbed 0.9% to 5,829 points.