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European Stocks Rise as Traders Unfazed by Italian Vote Outcome

  • FTSE MIB falls 0.2 percent after fluctuating intraday
  • Selloff is buying opportunity: Market Securities’s Ekolo
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Investors Shrug Off Italian ‘No’ Vote, Bond Yields Rise

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After a tepid week marked by thin trading ahead of the Italian referendum, European equities shrugged off the outcome to climb the most in more than two weeks. The Stoxx Europe 600 Index rose 0.6 percent, led by a rally in carmakers and miners. Milan’s FTSE MIB Index lost 0.2 percent, after swinging between gains and losses as Prime Minister Matteo Renzi announced his resignation.

“A ‘no’ vote was already priced in, and the bottom line is this wasn’t a major risk event for market -- it wasn’t a vote on EU membership, ” said Sylvain Loganadin, a market analyst at FXCM in Paris. “Now that this is behind us, people are buying the dip, betting on a catch-up rally in Europe.”