From PEP 8 -- Style Guide for Python Code:

The preferred way of wrapping long lines is by using Python's implied line continuation inside parentheses, brackets and braces. Long lines can be broken over multiple lines by wrapping expressions in parentheses. These should be used in preference to using a backslash for line continuation.

Backslashes may still be appropriate at times. For example, long, multiple with-statements cannot use implicit continuation, so backslashes are acceptable:

with open('/path/to/some/file/you/want/to/read') as file_1, \
     open('/path/to/some/file/being/written', 'w') as file_2:
    file_2.write(file_1.read())

Another such case is with assert statements.

Make sure to indent the continued line appropriately.

The preferred place to break around a binary operator is after the operator, not before it. Some examples:

class Rectangle(Blob):

  def __init__(self, width, height,
                color='black', emphasis=None, highlight=0):
       if (width == 0 and height == 0 and
          color == 'red' and emphasis == 'strong' or
           highlight > 100):
           raise ValueError("sorry, you lose")
       if width == 0 and height == 0 and (color == 'red' or
                                          emphasis is None):
           raise ValueError("I don't think so -- values are %s, %s" %
                            (width, height))
       Blob.__init__(self, width, height,
                     color, emphasis, highlight)file_2.write(file_1.read())

Update

PEP8 now recommends the opposite convention (for breaking at binary operations) used by mathematicians and their publishers to improve readability.

Donald Knuth's style of breaking before a binary operator aligns operators vertically, thus reducing the eye's workload when determining which items are added and subtracted.

From PEP8: Should a line break before or after a binary operator?:

Donald Knuth explains the traditional rule in his Computers and Typesetting series: "Although formulas within a paragraph always break after binary operations and relations, displayed formulas always break before binary operations"[3].

Following the tradition from mathematics usually results in more readable code:

# Yes: easy to match operators with operands
income = (gross_wages
          + taxable_interest
          + (dividends - qualified_dividends)
          - ira_deduction
          - student_loan_interest)

In Python code, it is permissible to break before or after a binary operator, as long as the convention is consistent locally. For new code Knuth's style is suggested.

[3]: Donald Knuth's The TeXBook, pages 195 and 196

How about using ;\? The semicolon signals the end of a command and the backslash signals that we are continuing on the next line. For example, type python at command line to get into Python interpreter, then

>>> x=0 ;\
... print(x) ;\
... x=4 ;\
... print(x)

should give an output of

0
4