European
stocks rose, snapping a two-day drop, as Novartis AG and UBS AG rallied
after posting financial updates and as U.S. consumer confidence surged
to a seven-year high.
The
benchmark Stoxx Europe 600 Index gained 1 percent to 328.25 at the
close of trading as 18 of its 19 industry groups rose. The gauge briefly
pared its advance after an earlier report showed U.S. durable-goods
orders unexpectedly fell. Novartis added 1.8 percent after reporting
third-quarter profit that beat estimates and UBS climbed 5.8 percent as
it set aside funds for litigation.
Federal
Reserve officials are holding a two-day policy meeting and are expected
to announce tomorrow an end to bond purchases that swelled the central
banks balance sheet to a record. Minutes from the last meeting, when the
Fed pledged to keep interest rates low for a considerable time,
revealed officials concern that U.S. growth may be at risk from a global
slowdown.
New
York-based Conference Board said its gauge of U.S. consumer confidence
rose to 94.5 in October, the highest reading since the same month in
2007. A separate report showed durable-goods orders in the worlds
largest economy fell 1.3 percent in September, missing analysts median
forecast for a 0.5 percent gain.
Source: Bloomberg
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