Fiat-Renault deal hopes lift European shares

  • Reuters
  • Stock Market News
Fiat-Renault deal hopes lift European shares

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Aug 21 (Reuters) - 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 Automobiles FCHA.MI and Renault SA RENA.PA as pushing car industry shares higher.

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

Milan shares rose 0.89% and its banking index .FTIT8300 gained 0.96%. Shares in Renault and Fiat both rose around 1.7%.

Italian prime minister Giuseppe Conte resigned on Tuesday, potentially paving the way for a new coalition government. Plc CPI.L rose 4.3% to the top of the STOXX 600 index, after brokerage Goldman Sachs (NYSE: GS ) upgraded its shares to "buy".

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