On a day when Europe’s
equity benchmark swung between gains and losses at least 25 times, an
advance in carmakers helped it close higher.
Auto-related shares
posted the best performance of the 19 industry groups on the Stoxx
Europe 600 Index, rising for a fourth day. Daimler AG added 1.2 percent.
Fiat Chrysler Automobiles NV rose 3.9 percent after reaching a
tentative agreement with the United Auto Workers union in the U.S. to
avert a strike. Credit Suisse Group AG led banks lower, sliding 3.6
percent after the Financial Times reported that the Swiss lender is
preparing a substantial capital raising plan.
The Stoxx 600 added
0.2 percent to 361.61 at the close of trading, after earlier rising as
much as 0.3 percent and falling 0.6 percent. The gauge also struggled to
sustain an intraday advance yesterday, after rallying the previous two
sessions. Investors are awaiting company earnings announcements and
minutes of the Federal Reserve’s September meeting -- due after market
close -- for further cues on corporate and economic health. The equity
measure had tumbled as much as 18 percent from an April record through
Sept. 29 amid uncertainty over the trajectory of U.S. borrowing costs
and China-fueled worries about global growth.
Shares fell earlier
after a report showed that German exports slumped in August the most
since January 2009, evidence that Europe’s largest economy isn’t immune
to the effects of weakening global trade. In a further sign of euro-area
strain, French business confidence unexpectedly worsened.
Among stocks moving on
corporate news, Koninklijke DSM NV rose 4.1 percent after ABN Amro
Group NV upgraded its rating on the life sciences company to buy from
sell, citing expectations of improved earnings.
Telefonica SA
contributed the most to a decline in a gauge of telecommunications
stocks, retreating 1.3 percent after U.K. regulators reportedly
expressed concern that the sale of its O2 unit could lead to a decline
in service and higher prices.
Coloplast A/S fell 4.1
percent after UBS Group AG cut its recommendation to sell from neutral,
citing overly optimistic estimates for growth in two of the company’s
main businesses.
Seadrill Ltd dropped
5.3 percent after the offshore driller’s chief executive officer said
2016 would be “ugly,” with a recovery possibly starting in 2017
depending on oil prices. Norsk Hydro ASA fell 2.5 percent.
Deutsche Bank AG lost
1.8 percent. Shares swung between gains of as much as 3.1 percent and a
3.6 percent loss as investors weighed the potential elimination of its
dividend against the likelihood that such a move would allow the lender
to overhaul its structure without seeking more capital from
shareholders.
Source : Bloomberg
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