Economic news

Italian stocks rise on reports government to change budget deficit target

Italian stocks leaped on Monday on signs of an easing tension in standoff between Brussels and Rome over Italy's budget deficit plans.

Photo: Reuters

The pan-European STOXX 600 surged 1.1 percent and Italy's FTSE MIB gained 3 percent. Italy’s banks index soared 5.3 percent, on course for its strongest session since June.

Unicredit and Intesa Sanpaolo led European stocks higher, up 4.7 and 4.3 percent respectively. Lenders UBI Banca, Banco BPM, BPER Banca, and Mediobanca surged 3.7 to 4.1 percent.

Shares in Faroe Petroleum added 22.4 percent on hostile takeover bid from major shareholder Norway-based DNO ASA.

Melrose Industries slumped 4.8 percent after receiving some disappointing bids for its Powder Metallurgy unit. Shares of Eurofins Scientific climbed 5.6 percent after Berenberg improved the stock to “buy” from “hold”.

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