Italian stocks propel European markets to one-month highs
Reuters
Published Sep 04, 2019 03:35AM ET
(Reuters) - Italian stocks led a rebound in European shares on Wednesday, as political tensions eased after Rome moved closer to forming a new government, while hopes of avoiding a no-deal Brexit improved overall investor sentiment.
British lawmakers defeated Boris Johnson in parliament on Tuesday in a bid to prevent him from taking Britain out of the EU without a divorce agreement, prompting the prime minister to announce that he would immediately push for a snap election.
The pan-European STOXX 600 index (STOXX) rose 0.75% by 0708 GMT, hitting its highest level since Aug. 2.
Italy's FTSE MIB index (FTMIB) rose 1.17% - touching a more than one-month high, after 5-Star members overwhelmingly backed a proposed coalition with the Democratic Party, opening the way for a new government to take office.
Asia-exposed UK banks HSBC (L:HSBA) and Prudential (L:PRU) were the biggest boosts to the benchmark STOXX 600, after Chinese media reported that Hong Kong leader Carrie Lam is expected to announce later on Wednesday the formal withdrawal of the proposed extradition bill that has triggered major protests this summer.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.