Stock markets showed no clear trajectory following Wall Street’s opening. Milan gained 0.3%, followed by Paris which advanced 0.2% (having already priced in the government crisis) and London, which rose 0.1%. Frankfurt bucked the trend, declining 0.6%.
The yield spread between 10-year Italian government bonds and their French equivalents hovered around parity, while the spread with German bunds held steady at 81 basis points. The euro traded slightly lower against the dollar at $1.17. Gold remained very strong at $3,680 an ounce for the December future.
In this climate, MPS and Mediobanca continued their run on the Milan exchange, gaining 4% following the successful takeover bid for the Tuscan bank. Saipem and Eni also performed well, rising 1.7% and 1.6% respectively.
Some selling was seen on Leonardo and STM, which each shed over one percentage point, while Campari remained a heavy weight, falling 3% to €5.79.
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