European stocks rose the most in three weeks amid optimism China will act to support its weakening economy.
The
Stoxx Europe 600 Index climbed 1.3 percent at the close of trading. It
rose as much as 2.4 percent earlier after a report showed China’s
economy grew at an annual pace that was just shy of a government target,
while leaving open the possibility of further stimulus. Europe’s
benchmark pared its advance as oil-and-gas producers gave up some gains
amid a drop in crude.
Concern
over a slowdown in the world’s second-biggest economy and deepening oil
losses have weighed on investor sentiment this year, dragging the Stoxx
600 down as much as 10 percent to its lowest level since December 2014.
The
Stoxx 600 fell 21 percent from an April record through yesterday, after
entering a bear market at the end of last week. That left its companies
trading at 14.2 times estimated profit, near a one-year low.
Investors
are also focusing on corporate earnings this week. Unilever added 3
percent after its quarterly revenue beat estimates. Software AG jumped
13 percent after posting annual operating profit that exceeded its
forecasts.
RWE
AG and EON SE jumped 7.6 percent or more after Germany deferred a
debate on the country’s phase-out of coal-fired power. Prudential Plc
rose 3.4 percent after the insurer disclosed details of its capital
strength and named a new chief executive officer for the U.K. and
Europe.
Credit
Agricole SA climbed 2.5 percent after the lender seeking to bolster
capital confirmed it’s exploring selling stakes in more than three dozen
regional banks. Ocado Group Plc rallied 6.9 percent after the Daily
Mail reported speculation that the online grocer will partner with
Amazon.com Inc. in Britain.
Novozymes A/S tumbled 8.5 percent after the Danish biotechnology company abandoned an annual sales-growth target.
Source: Bloomberg
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