Burberry, the British luxury goods retailer, and ASM Brescia, the Italian utiltity, have both made tentative market debuts and succeeded in finding a window of relative calm as stock markets rallied around Europe.

Burberry, the UK's first listed luxury goods company, was trading at 225p at 12.15pm GMT, 5p below its issue price of 230p. In the first two hours of trading, the company was the second most traded UK stock after Vodafone, with 31.4million shares changing hands and the stock briefly rising to 335p before falling back.