5th December 2011
The UK's premier stock market has had a strong opening to trading this morning (December 5th) following new proposals for spending cuts in Italy.
New Italian prime minister Mario Monti has put forward a plan to reduce the country's debt - the second-largest in the eurozone - and this has helped push up shares on the FTSE 100, Bloomberg reports.
Overall, the FTSE 100 rose by 16.24 points (0.3 per cent) in early trading this morning, with investors showing renewed confidence in markets.
"Markets are gaining ground as investors acknowledge reports out of Italy surrounding tough new austerity measures," noted Harley Salt, head of sales trading at IG Markets in London.
Last week, City Wire reported the president of the European Central Bank Mario Draghi made comments relating to taking a "forceful" and robust stance over bringing down the region's debts, a move which helped promote further gains to UK stocks.
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