– This is the script of CNBC's news report for China's CCTV on December 7, Wednesday.
European bourses closed higher Tuesday as concerns over political instability eased and investors focused on the upcoming meeting of the European Central Bank.
The pan-European Stoxx 600 was 0.9 percent higher.Meanwhile, the Italian index recovered on Tuesday to close 4.15 percent higher despite ongoing political and financial concerns.
Italian Prime Minister Matteo Renzi has agreed to delay his resignation until the country's 2017 budget is approved, easing the risks of early snap elections following the government's defeat in a referendum.
A general election could be triggered as early as February according to Italy's Interior Minister Angelino Alfano, who reportedly told the Corriere della Serra newspaper that he forecast an election to be held as soon as the second month of 2017.
Italy is preparing a state bailout for Monte dei Paschi di Siena as the lender's hopes of being saved by private funding faded following Renzi's decision to quit, according to Reuters sources.
Shares of the bank were trading in negative territory for most of the day wiped out all losses to close 1.18 percent higher.
A rescue plan by the government might be released by this weekend and the market will have to wait and see.
CNBC Qian Chen, reporting from Singapore.