Italian Stocks Sink After Election as Debt Costs Surge
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Italy’s stocks and bonds fell, while the cost of insuring its debt against default climbed to the highest this year, as the nation’s election deadlock reignited concern Europe’s debt crisis will deepen.
The FTSE MIB Index slid 4.9 percent at the close in Milan, the biggest drop in 10 months, as UniCredit SpA and Intesa Sanpaolo SpA, the nation’s largest banks, slumped at least 8 percent. Italy’s 10-year bond yields jumped 41 basis points to