European stocks
rallied the most since Oct. 5 as investors bet that the U.S. economy is
strong enough to cope with the Federal Reserve’s expected first interest
rate increase in almost a decade.
Tullow Oil Plc helped
push energy companies to the best performance of the 19 industry groups
on the Stoxx Europe 600 Index after the successful exploration of a well
increased the potential size of oil resources in Kenya. Total SA and
Royal Dutch Shell Plc added at least 3.2 percent as oil prices jumped.
Automakers climbed after data from the European Automobile
Manufacturers’ Association showed car sales in the region increased 14
percent in November. Glencore Plc rose 3 percent after JPMorgan Chase
& Co. recommended buying the shares, citing its “credible” strategy
update.
The Stoxx Europe 600
Index advanced 2.9 percent to 359.58 at the close of trading, snapping a
five-day losing streak. Germany’s DAX Index and France’s CAC 40 were
among the biggest gainers, rising at least 3.1 percent. The Stoxx 600 is
still down 6.7 percent this month, on course for its worst December
since 2002 amid a rout in commodities, concern about U.S. monetary
policy tightening and disappointment over the extent of European
stimulus.
Traders are now pricing in a 78 percent chance that U.S. policy makers will increase borrowing costs tomorrow.
Declines in miners and
energy companies dragged European stocks lower yesterday as investors
turned away from riskier assets amid lingering fears about global
growth. A high-yield fund liquidating its portfolio also contributed to
bearish sentiment across markets.
Among stocks moving on
corporate news today, Syngenta AG advanced 2.2 percent as China
National Chemical Corp. was said to be weighing a new bid after its
chairman met with officials from the world’s largest chemical maker last
week.
Volkswagen AG added
1.7 percent after it posted a 4.2 percent increase in November sales,
even as it suffered its biggest decline in monthly European market share
since September’s emissions scandal.
Sanofi rose 5.3
percent after saying it is in exclusive talks to swap assets with
Germany’s Boehringer Ingelheim GmbH in a 22.8 billion-euro ($25 billion)
transaction. Metro AG gained 4.4 percent after reporting fourth-quarter
profit that beat analysts’ estimates and forecasting further
improvements.
Abengoa SA jumped in
the final minutes of trading to close 11 percent higher after Reuters
reported that the company’s creditors may provide an additional 100
million euros in January.
Aveva Group Plc tumbled 28 percent after saying it has ended talks for a merger with Schneider Electric SE.
Source : Bloomberg
0 komentar :
Post a Comment