Exporters
and financial companies led a rally in European stocks after the
Federal Reserve fulfilled investor expectations by raising rates for the
first time in almost a decade.
Investec
Plc and Man Group Plc rose at least 3.6 percent, while carmakers
Volkswagen AG and Daimler AG advanced 3.3 percent or more. Germany’s DAX
Index was among the best performers in western Europe, up 2.6 percent.
The
Stoxx Europe 600 Index climbed 1.2 percent to 364.9 at the close of
trading, paring earlier gains of as much as 2.3 percent. It rose for a
third day, after Fed Chair Janet Yellen signaled the U.S. economy is
performing well and any further tightening will be slow. Yesterday’s
quarter-point rate increase marked the culmination of the Fed’s yearlong
effort to prepare investors for the end of an unprecedented era of
stimulus.
Among
other stocks active, Standard Chartered Plc, which gets most of its
revenue from Asia, climbed 7.3 percent after Hong Kong raised its base
rate for the first time in nine years. Hellenic Exchanges SA gained 7.3
percent after a filing showed Goldman Sachs Group Inc. raised its stake
in the bourse operator in December.
Casino
Guichard-Perrachon SA tumbled 12 percent for the biggest decline on the
Stoxx 600 after short seller Carson Block said he’s betting against the
French supermarket operator. Rallye SA, its biggest shareholder,
plunged 19 percent after Block said the stock is worth close to zero.
Elementis
Plc declined 6.6 percent after the specialty-chemicals maker forecast
full-year earnings at the lower end of analysts’ estimates, citing
challenging markets.
Source: Bloomberg
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