Economic news

Italian stocks soar on minister's euro support

European banking stocks and Italian shares soared on Monday after the new Italian economy minister Giovanni Tria said the country has no intention of leaving the euro, boosting sentiment after an unsuccessful G7 summit.

Euro area banks surged 2.1 percent, pushing the pan-European STOXX 600 by 0.4 percent while Italy's FTSE MIB advanced 2 percent and Spain's IBEX 0.9 percent.

Italian bank stocks rose 2.2 percent, on course for their best session in more than a year as government bonds jumped, following economy minister Giovanni Tria's promise to stay in the euro and lift growth and employment.

Italian banks Unicredit, Banco BPM and Intesa Sanpaolo led the rise, up 4.4 to 4.8 percent.

Top of the STOXX 600 was Inmarsat, gaining 12.5 percent to a five-month top after it received a takeover bid from U.S. company Echostar.

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