Europe: Stocks mostly flatline at open

[LONDON] European equities flattened at the start of trade on Tuesday as dealers mulled the fallout from an Italian referendum that sparked turmoil on world markets.

In initial deals, London's benchmark FTSE 100 index of top blue-chip companies was flat at 6,743.88 points.

In the eurozone, Frankfurt's DAX 30 was unchanged at 10,685 points and in Paris the CAC 40 stood almost unmoved at 4,576.87 compared with Monday's close.

Milan's FTSE MIB index meanwhile firmed 0.2 per cent to 17,086 points.

Italian Prime Minister Matteo Renzi formally resigned Monday after a crushing referendum defeat that has sent shockwaves around Europe - though his departure will be delayed by a final task, passing a budget.

President Sergio Mattarella asked Mr Renzi to postpone his resignation until the 2017 budget has been passed, a move expected by the end of the week, according to Italian media.

"So, Renzi did not get to resign as he had planned to on Monday," noted City Index analyst Kathleen Brooks.

"Instead he's been asked to stay on until after the budget vote. This is not really significant for markets - he will go, we just do not know when at this stage."

AFP