Euro markets trim losses after Italian auction

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Super Mario didn't only bring confidence to Italy, but his appointment also injected optimism around Europe. Markets opened higher Monday, but shares turned negative ahead a crucial Italian bond auction. Looking at the benchmarks now shares are trimming losses, as the auction went wel with decent demand. The sale of 3 billion euros of 5-year government bond was seen as the first test for new Prime Minister Monti. Many analysts say though, the more important test of market sentiment will be the days to come.

James Mackenzie, Reuters chief correspondent, said: "Market reaction has been quite positive this morning; the stocks have gone up about two percent from the last time I looked. Spread between Italian bonds and German bonds, the measure of risk, has narrowed and Italian bond yields have come down. That shows the markets are pleased by what has happened over the weekend with the nomination of (Mario) Monti. There will be a more important test in the days to come when we see how this new government gets about its business: whether they have trouble forming a majority; whether they come up with a policy program that politics can support. "

Editor:Zhang Rui |Source: CNTV.CN



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