Gains in retailers and miners helped European stocks post their best three-day advance since January.
Delhaize
Group jumped 15 percent, the most since 2003, and Royal Ahold NV
rallied 5.5 percent after reports that the companies are in early stages
of merger talks. Commodity producers climbed after China’s central bank
cut interest rates for the third time in six months. Airbus Group NV
lost 2.1 percent following the crash of a military plane. Piraeus Bank
SA and Eurobank Ergasias SA lost more than 10 percent as euro-area
finance ministers met to discuss bailout aid.
The
Stoxx Europe 600 Index rose 0.3 percent to 401.34 at the close of
trading in London, reversing a decline of as much as 0.2 percent and
climbing as much as 0.5 percent. Its retailers rose 1.5 percent as a
group, while a gauge of miners rallied 1.6 percent. The drop in Airbus
dragged France’s CAC 40 Index down 1.2 percent, while Greece’s ASE Index
slid 2.5 percent.
The
Stoxx 600 rebounded 1.4 percent last week after its biggest weekly
slump of the year. It climbed the most since December on Friday, buoyed
by a surprise election win for British Prime Minister David Cameron’s
party and improving U.S. jobs data. The gauge closed 3.1 percent away
from an April record.
Source: Bloomberg
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