By and and  on June 29, 2011

Salvatore Ferragamo SpA couldn’t have timed its first day of trading on the Milan Stock Exchange much better.

Shares of the Florence-based fashion house closed with a flourish Wednesday, gaining 10.6 percent to 9.95 euros, or $14.23 at current exchange, reflecting both confidence in the luxury sector and the strength of equities throughout Europe as the Greek parliament approved a sweeping austerity program including spending cuts and tax increases. The vote in Athens significantly improved the likelihood of a rescue package from the European Union and allayed fears that the country could default, a source of discomfort throughout global equity markets all week.

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