European Markets Close With Big Late Day Surge

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Most European equity indices finished the day in the green, led by strength in the the U.K.The FTSE 100 ended the day up some 0.8 per cent to 5,471, followed by the German DAX and French CAC.

Spain also posted an impressive lae day rally — even after a Fitch downgrade of 18 financials sent yields on the country’s 10-year to Euro-area record highs.

The late day rally extended to Italy, which had declined more than two per cent points from its open. The FTSE MIB was the only major exchange to end the day down, falling about 0.6 per cent to 12,987.

Italian financials led the decline, with a number of banks halted after falling more than five per cent, including UniCredit, Banca Monte dei Paschi di Siena and Banca Popolare.

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