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European Shares Bounce With Italy, Aston Martin Dips After IPO

The DAX Index curve is displayed inside the Frankfurt Stock Exchange, operated by Deutsche Boerse AG, in Frankfurt, Germany, on Wednesday, May 30, 2018. As the world ponders whether 2018 is when financial markets finally buckle after a nearly decade-long boom, there’s no shortage of potential crises to keep traders awake at night. Photographer: Alex Kraus/Bloomberg

(bloomberg)

(Bloomberg) -- European shares opened higher, bouncing back from losses in the previous session as Italian shares rallied on report of budget concessions from the government.

The Stoxx Europe 600 Index rose 0.3%, with banks and telecoms leading the gains. Italy’s FTSE MIB Index rose 1.2%. The populist government will offer some concessions to fend off European Union pressure about its public finances, Corriere della Sera newspaper reported.

Shares in luxury carmaker Aston Martin slipped below its IPO price on the stock’s first day of trading, down 4.6 percent.

“One has to keep an eye on Italy, because it has the potential of becoming really horrible,” said Mattias Sundling, senior strategist at Danske Markets Sweden, said by phone. “However, I don’t think that will happen, because there are a lot of negotiations back and forth between the EU Commission and the government.”

To contact the reporter on this story: Hanna Hoikkala in Stockholm at hhoikkala@bloomberg.net

To contact the editors responsible for this story: Celeste Perri at cperri@bloomberg.net, Blaise Robinson

©2018 Bloomberg L.P.

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