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European stocks and the euro rebounded sharply Monday as investors were reassured by the speed of Italian Prime Minister Matteo Renzi's resignation after losing a crunch referendum. The region's markets began the day in negative territory, with Milan tumbling two percent, but recovered somewhat with sentiment soothed also by the defeat of the far-right in Austria's presidential election. "The Italian referendum is the major story that will dominate market moves throughout Monday... after Renzi left his position after a bruising defeat," said GKFX analyst James Hughes.
Syria's army gained ground in the battle for Aleppo on Monday, as regime ally Russia said it would hold talks with Washington on a total rebel withdrawal from the city. President Bashar al-Assad's forces have seized two-thirds of the former rebel bastion in east Aleppo since they began an operation to recapture all of Syria's battered second city in mid-November. The rapid gains for regime forces have left opposition fighters reeling and on Monday Russian Foreign Minister Sergei Lavrov said talks would be held with Washington on a complete rebel evacuation from the city.