European equity close: Italy leads modest gainers as the FTSE MIB breaks out
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Closing changes today:
- Stoxx 600 +0.2%
- German DAX flat
- FTSE 100 +0.1%
- French CAC +0.4%
- Italy MIB +0.6%
- Spain IBEX -0.2%
On the month
- Stoxx 600 +2.2%
- German DAX +2.0%
- FTSE 100 +2.4%
- French CAC +1.5%
- Italy MIB +5.1%
- Spain IBEX +0.8%
Year-to-date gains fall in the 3.5% (UK) to 25% (Italy MIB) range. The early part of July saw equity selling on interest rate concerns but that reversed late in the month. The FTSE 100 traced out an outside month as a result:
FTSE 100 monthly
The Stoxx 600 also traced out an outside month and closed at the best levels of the year.
In the bigger picture, Italy is starting to look intriguing after many years where money wouldn’t even consider going there. Economic growth has surprised to the upside this year and it’s still cheap at around a 9-10 trailing p/e.
Italy MIB monthly