ATHENA: European stocks advanced for the third time in four days as data showing the U.S. housing market is stabilizing outweighed a report that China has no intention of introducing large-scale stimulus.
CGGVeritas, the world’s largest seismic surveyor of oilfields, increased 5.7 percent as UBS AG recommended the shares. ArcelorMittal gained 4.1 percent after HSBC Holdings Plc upgraded the steelmaker.
Bankia SA led a decline in Spanish stocks, sliding 16 percent. Repsol YPF SA, the nation’s biggest oil company, sank the most since 2008 after cutting its dividend-payout ratio.
The Stoxx Europe 600 index rose 0.8% to 244.3 at the close of trading, rebounding from an earlier drop of 0.2 percent. The gauge has still retreated 10 percent from this year’s high on March 16 amid growing concern that Greece will fail to implement agreed austerity measures and leave the euro.
“There are expectations that the US economy continues to be an outlier,” said Michael Hewson, a market analyst at CMC Markets in London. “European markets are being pulled up in its slip stream.”
National benchmark indexes rose in all of the 18 western European markets today, except Spain and Portugal. The U.K.’s FTSE 100 increased 0.7%, Germany’s DAX gained 1.2% and France’s CAC 40 advanced 1.4%. (Bloomberg/tw)