European Shares Rebound amid Cheering News from Italy
By Investors Hub
European stocks are rebounding on Wednesday after media reports suggested that Italian Deputy Prime Minister Matteo Salvini might be willing to compromise on a budget criticized by the European Union.
The European Commission is due to publish its assessment of Italy’s draft budgetary plans later in the day.
While the French CAC 40 Index has advanced by 0.5 percent, the German DAX Index and the U.K.?s FTSE 100 Index are up by 1 percent and 1.1 percent, respectively.
Renault shares have jumped in Paris. The French automaker has appointed interim leaders to manage the company and oversee its share of a globe-spanning alliance with Nissan Motor following the arrest of Chairman and CEO in Japan.
Johnson Matthey has also soared 7.2 percent after the company said it expects its full-year earnings to be at the upper end of expectations.
On the other hand, home improvement retailer Kingfisher has moved sharply lower. After reporting flat sales for the third quarter, the company said it would exit Russia, Spain and Portugal.
Software group Sage Group is also posting a steep loss after warning of lower margins this year. Drugmaker Indivior has also plummeted after losing a U.S. court ruling in a case against Dr Reddy’s Laboratories.