Stocks rose, with a benchmark of European equities climbing to a six-year high, while Italian and Spanish bonds advanced as policy makers said they would take steps to support economic growth. Shares in Russia gained and crude oil fell as Ukraine elected a new president.
Banca Popolare dell’Emilia Romagna SC may face a capital shortfall of as much as 300 million euros ($409 million) in the European Central Bank’s asset quality review, though Italy’s No. 6 lender rules out a share sale.
Until June I had never ordered a bottle of lambrusco in Italy. With memories of those sweet, fizzy, soda-like imports of the 1970s like Riunite Lambrusco (“Riunite on ice -- so nice!”), I had no interest in revisiting such wines, even in Emilia-Romagna, where lambrusco is made. (For the record, Riunite, now about $6 a bottle, still sells a million cases a year in the U.S., more than any other import.)
European stocks posted the biggest weekly gain this year as the Federal Reserve said its stimulus policy will remain responsive to economic data and as companies from Renault SA to ThyssenKrupp AG beat profit estimates.
Thousands of survivors of the earthquake in the Italian region of Emilia Romagna sought relief in tent cities as rescue workers surveyed the damage from the trembler that killed seven and injured dozens more.