Italian and European bank shares jump on minister’s euro promise

European banking stocks and Italian shares jumped on Monday after the new Italian economy minister promised to keep the country in the euro, dissipating investors’ fears of a euro zone break-up and boosting sentiment after a fraught G7 summit.

Euro zone banks (SX7E) rose 2.1 percent, boosting the pan-European STOXX 600 (STOXX) by 0.4 percent while Italy’s FTSE MIB (FTMIB) gained 2 percent and Spain’s IBEX (IBEX) 0.9 percent.

Italian bank stocks (FTIT8300) climbed 2.2 percent, on track for their best day in more than a year as government bonds rallied, with relieved investors buying back into Italian assets after economy minister Giovanni Tria vowed on Sunday to stay in the euro and cut debt levels.

Italian banks Unicredit (MI:CRDI), Banco BPM (MI:BAMI) and Intesa Sanpaolo(MI:ISP) were the top boosts to the European index, up 4.4 to 4.8 percent.

Mergers and acquisition news drove the biggest moves in individual stocks.

‘Fair trade, fool trade’, Trump’s tweets spew ire on NATO allies, Trudeau

U.S. President Donald Trump fired off a volley of tweets on Monday venting anger on NATO allies, the European Union and Canadian Prime Minister Justin Trudeau in the wake of a divisive G7 meeting over the weekend.

The escalating clash over trade between Washington and some of its closest global partners cast a cloud over Trump’s efforts to make history in nuclear talks in Singapore on Tuesday with Kim Jong Un of North Korea, one of America’s bitterest foes.

Having left the Group of Seven summit in Canada early, Trump’s announcement that he was backing out of the joint communique torpedoed what appeared to be a fragile consensus on the trade dispute between Washington and its top allies.

“Fair trade is now to be called fool trade if it is not reciprocal,” said Trump, who flew from Canada to Singapore on Sunday to prepare for the first-ever summit between a U.S. and North Korean leader.

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