European Stocks Gain as May Survives Vote, Italy Banks Advance
(Bloomberg) -- European equities climbed after U.K. Prime Minister Theresa May survived a no-confidence vote and Italian Prime Minister Giuseppe Conte proposed to cut the deficit target, which could ease the tensions with the European Union.
The Stoxx Europe 600 Index rose 0.3 percent and the FTSE 100 Index climbed by the same amount. Italian banks rallied, with a gauge for the country’s lenders surging 3 percent.
May won a confidence vote on Wednesday evening, though more than a third of Conservative lawmakers voted to ditch her, leaving her authority badly damaged.
“Now that it has been confirmed May will remain the party leader, she can get on with her attempts to obtain some leeway from EU,” said David Madden, a market analyst at CMC Markets UK.
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