Wednesday 18 September 2019

Fiat-Renault deal hopes lift European shares

Stock image: AP
Stock image: AP Business Desk Business Desk

European shares rebounded from the previous session's sharp falls on Wednesday, with brokers pointing to an Italian report on continuing merger talks between Fiat Chrysler and Renault as pushing car industry shares higher.

The pan-European STOXX 600 index rose 0.5pc at 0716 GMT, with Italy's FTSE MIB rebounding from a drop in the previous session amid a deepening Italian political crisis.

Milan shares rose 0.89pc and its banking index gained 0.96pc.

Shares in Renault and Fiat both rose around 1.7pc.

Italian prime minister Giuseppe Conte resigned on Tuesday, potentially paving the way for a new coalition government.

Capita rose 4.3pc to the top of the STOXX 600 index, after brokerage Goldman Sachs upgraded its shares to "buy".


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