Europe Markets: Italian stocks lead European equities back to 11-month high

European stocks rose Tuesday, hovering around an 11-month high as Italian bank shares strengthened after the country’s largest lender, UniCredit SpA, rolled out a restructuring plan.

The Stoxx Europe 600 index SXXP, +0.79% added 0.6% to 355.83, on track to notch its highest settlement since early January. The index on Monday lost 0.5%, breaking a five-session winning run that had pushed shares to their best levels since the start of the year.

The best performing national index was Italy’s FTSE MIB I945, +1.60% , which popped up 1.5% to 18,643.95. Italian bank shares IT8300, +2.89% leapt 2.9%, with UniCredit UCG, +7.67% charging up 7% as the lender said it plans to cut an additional 6,500 jobs by 2019, sell shares and a large chunk of bad debt as part of an overhaul.

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