European stocks rose for a fourth week as earnings from Cie. Financiere Richemont SA to ICAP Plc beat analyst estimates and the Bank of England lifted its growth forecast for Europe’s third-biggest economy.
The Italian Cabinet agreed today to suspend the payment of a residential property tax due in June, an unpopular levy adopted by former Prime Minister Mario Monti to help reduce the country’s budget deficit.
Mediaset SpA, the broadcaster controlled by former Italian Prime Minister Silvio Berlusconi, advanced the most in more than three weeks in Milan after the company said it would achieve a cost-cutting target ahead of schedule.
A Milan prosecutor requested former Italian Prime Minister Silvio Berlusconi serve a six-year jail term and be barred from public office if he’s convicted of paying a minor for sex and abusing power for trying to cover it up.
The Italian government won’t need to make more budget cuts this year to finance a plan to ease taxes, and it remains committed to suspending payment of an unpopular property levy, Finance Minister Fabrizio Saccomanni said.