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European Stocks Advance With Italy Trailing Amid Political Risks

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European stocks rose for a third day, with cyclical sectors outperforming as U.S. President-elect Joe Biden prepares to unveil a pandemic relief package that may amount to $2 trillion, which may help boost economic recovery.

Italian stocks underperformed after the nation’s ruling coalition fell apart, putting Prime Minister Giuseppe Conte’s government at risk of collapse. The country’s banks, sensitive to the now-widening spread between Italian and German government bonds, weighed the most on the FTSE MIB Index, which dropped 0.5%.