HSNGY Hang Seng Bank Ltd (PK)

European stocks were mostly steady Tuesday as Italian bank shares began to recover from a bruising start to the week.

The Stoxx Europe 600 inched down 0.2% in the early minutes of trading, despite upbeat sessions in Asia and on Wall Street, as a drop in commodity prices weighed on energy and mining companies.

Brent crude oil was last down 0.5% at $54.68 a barrel, while copper futures fell 0.9% to $5,875 a metric ton.

Europe's banking sector advanced, meanwhile, led by a recovery in Italian lenders.

The FTSE Italia All-Share Banks index rose 1% after falling sharply Monday in the aftermath of Sunday's referendum. Investors had been concerned the "no" vote could lead to a period of political instability that could derail efforts to shore up the region's beleaguered lenders and interfere with planned capital raising.

Italian President Sergio Mattarella accepted Prime Minister Matteo Renzi's resignation Monday evening, but asked him to remain in power to oversee the passage of the country's budget.

Earlier, markets in Asia mostly ended higher, recovering Monday's losses after global markets reacted calmly to the Italian referendum. Japan's Nikkei Stock Average added 0.5%, while Hong Kong's Hang Seng Index added 0.8% in the second day of a new trading link between the city's exchange and Shenzhen.

Australian shares rose 0.5% after U.S. crude oil prices closed Monday at their highest since 2015.

The moves followed an upbeat session on Wall Street, where a rally in financial shares sent the Dow Jones Industrial Average to an all-time high, rekindling a postelection rally.

In currencies, the dollar was mostly steady against the yen and euro after two Federal Reserve officials noted the changed political landscape in the U.S. might lead to a more aggressive interest rate increase path in the coming years.

-Willa Plank contributed to this article.

Write to Riva Gold at riva.gold@wsj.com

(END) Dow Jones Newswires

December 06, 2016 04:15 ET (09:15 GMT)

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