European stocks pulled
off a second monthly advance on bets the region’s central bank will
increase stimulus at this week’s meeting.
The Stoxx Europe 600
Index rallied to a three-month high, taking its November gain to 2.7
percent. Auto-related shares rose the most on Monday as the weakening
euro is seen helping exporters. Economists surveyed by Bloomberg
unanimously predict the European Central Bank will expand stimulus on
Thursday.
The Stoxx 600
increased 0.5 percent to 385.43 at the close of trading in London,
reversing an earlier drop of as much as 0.5 percent. While commodity
producers also ended up rallying on Monday, BHP Billiton Ltd. bucked the
trend. It extended a seven-year low, after Brazil’s Attorney General
said the country will seek as much as 20 billion reais ($5.2 billion)
compensation for a dam collapse at an iron-ore venture owned by the
company and Vale SA.
The European stock
index has rebounded 14 percent since a September low on expectations of
further ECB stimulus, coupled with optimism that the global economy is
strong enough to withstand higher U.S. interest rates.
Source : Bloomberg
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