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European stocks edge up on possibility of new elections in Italy

Italian banks led a significant European stocks rebound on Monday after the antiestablishment parties in Italy failed to take power.

Photo: Reuters

Europe’s STOXX 600 was steady at 391.39. Frankfurt’s DAX 30 index edged 0.4% higher to 12,988.85, while Paris CAC 40 slid 0.1% to 5,559.10.

Italy’s FTSE MIB index was up 1.2% in early trading and the Spanish IBEX 35 index surged 0.4%. Spanish stocks had dropped sharply on Friday after the opposition Socialist party urged for a vote of no confidence on Prime Minister Mariano Rajoy.

Italy’s banks index soared 3.1 percent, on track for its largest increase since January. Shares in Unicredit, UBI Banca , Banco BPM and Intesa Sanpaolo gained 2.2 to 2.8 percent.

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