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DAX Rises As Automakers Surge On Fiat-Renault Deal Hopes

(RTTNews) - German stocks rose sharply on Wednesday, with automakers leading the surge on reports that merger talks between Fiat Chrysler Automobiles and Renault have gained traction.

Investors also kept a close eye on developments in Italy after Giuseppe Conte resigned as Prime Minister, passing the baton over to President Sergio Mattarella to decide whether to call new elections or ask parties to form a new government.

Italian bonds breathed a sigh of relief despite the political upheaval in the country.

The benchmark DAX was up 126 points, or 1.09 percent, at 11,777 after losing
0.6 percent in the previous session.

Automaker BMW advanced 1.5 percent, Daimler added 1.3 percent and Volkswagen rallied 1.7 percent.

Banks were also moving higher, with Commerzbank up 0.6 percent and Deutsche Bank climbing 1.6 percent.
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