European
stocks posted their biggest four-day rally since January as the region
leaders agreed Greece government was getting serious about reaching a
deal.
The
Stoxx Europe 600 Index rose 1.2 percent to 398.83 at the close of
trading. A report showed euro-area factory and services expanded more
than forecast in June, signaling a pickup in the region economy amid
quantitative-easing measures by the European Central Bank.
European
leaders agreed to step up talks and gave the country government 48
hours to make the final push to win aid. Shares jumped yesterday after
Greece proposed a new set of reforms. The plans represent a step
forward, German Chancellor Angela Merkel said last night. The ASE Index
climbed 6.1 percent on Tuesday, completing its best four-day gain since
February.
Among
shares active on corporate news, Air France-KLM Group climbed 2.1
percent after the Dutch government said it could buy shares of the
company if necessary to help combat competition from low-cost and Middle
Eastern airlines. Ladbrokes Plc jumped 15 percent after the betting
company confirmed it’s in merger talks with Gala Coral Group Ltd.
Petrofac
Ltd. surged 6.2 percent after reporting backlog at record levels and
saying profit will be heavily weighted toward the second half of the
year. Berenberg Bank had said last week the company may issue a profit
warning. Transocean Ltd. climbed 3.8 percent after saying the value of
new contracts since its May report totaled about $109 million.
Source : Bloomberg
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