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European Stocks Advance Amid Cut in Italy’s Credit Rank

By Investors Hub

European stocks have advanced on Monday, with Italian markets leading the surge after Moody’s Investors Service cut Italy’s credit rank by one step to Baa3 but set the outlook for the assessment at “stable,” removing the immediate threat of a downgrade to junk.

A big rally by Chinese stocks for the second straight sessions on hopes for more stimulus also bolstered investor sentiment.

While the U.K.?s FTSE 100 Index has advanced by 0.8 percent, the German DAX Index is up by 0.6 percent and the French CAC 40 Index is up by 0.4 percent.

Shares of Fiat Chrysler Automobiles have jumped in Italy after the automaker announced that it has entered into a definitive agreement to sell its automotive components business Magneti Marelli S.p.A for 6.2 billion euros.

German chemicals giant BASF has also risen on news company has selected Harjavalta, Finland, as the first location for battery materials production serving the European automotive market.

Low-cost airline Ryanair has also jumped despite reporting lower than expected profits for the second quarter of its fiscal year.

Meanwhile, Dutch consumer electronics giant Philips has slumped after its third-quarter net income plunged to 292 million euros from 423 million euros last year.

Shares of Leoni have also tumbled after the provider of energy and data management solutions in the automotive market reported weak third quarter results. The company also announced a downward revision in its outlook for fiscal 2018.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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