Italian stocks rise 0.8pc at the open

MILAN: Italian stocks opened 0.80 percent higher on Friday as the Senate prepared to give initial approval to a package of budget cuts and structural reforms promised to the European Union.

Prime Minister Silvio Berlusconi has promised to step down once the package receives final approval from the Chamber of Deputies, or lower house.

Friday's stock rise was led by Telecom Italia, which has announced a sharp rise in profits for the third quarter. Shares in the telecom giant were up 4.08 percent at 0.8805 euros.

Italy's biggest banks, UniCredit and Intesa Sanpaolo, rose 1.85 percent and 1.36 percent.