European Stocks Advance for a Second Day as Carmakers Lead Gains

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European stocks rose for a second day, with the Stoxx Europe 600 Index posting its biggest two-day gain in three weeks, as auto companies climbed.

PSA Peugeot Citroen increased 2.8 percent, leading a gauge of auto-related stocks higher, as La Tribune newspaper reported the carmaker got more than 120,000 orders in a year for its 2008 crossover model. Standard Life Plc jumped 7 percent after saying a unit is buying Ignis Asset Management Ltd. from Phoenix Group Holdings. Lloyds Banking Group Plc slid the most since May 2012 as the U.K. government sold a stake in the lender.

The Stoxx 600 added 0.7 percent to 330.93 at the close of trading. The benchmark index has rallied 2 percent in the past two days, after falling 4 percent through March 24 as tension grew between the West and Russia over Ukraine. The measure is still heading for a 2.1 percent drop this month, its biggest monthly decline since June.

Copy Source : Bloomberg