Around the World's Markets: Milan

SHARE PRICES closed higher in Milan, helped by Wall Street's early gains and the expectation that the Bank of Italy would cut interest rates, which was confirmed after the market closed when the official discount rate was cut from 3.5 per cent to 3 per cent. The rate cut will take effect on 28 December, bringing Italy in line with the other Euroland countries.

The Mibtel index closed 331 points or 1.46 per cent higher, at 23,064, while the Mib30 rose 531 to 34,239.