The Italian FTSE MIB index is by far the most impressive index in Europe this week. The pair rose 1.6% to a two-and-a-half year high today. On the week, the index rallied 3.7% despite the resignation of Prime Minister Letta.
Incoming PM Renzi hopes to bring electoral reforms and stable government so there were reasons to buy the index but even during the emerging market wobble earlier this year, the index never fell into the red for 2014. The gains today also break a technical downtrend from the 2009 highs.
Italy MIB
Other changes in the main European indexes on Friday:
- UK FTSE 100 +0.1%
- French CAC +0.6%
- German DAX +0.7%
- Spain IBEX +0.3%