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26.10.2011 17:00

European stocks close

European stocks advanced as the region’s leaders gathered in Brussels for the second summit in four days to address the debt crisis and after U.S. durable- goods orders and home sales topped forecasts. European leaders are meeting in Brussels for the 14th crisis summit in 21 months to discuss Greece’s second bailout, the recapitalization of banks and strengthening the 440 billion- euro ($612 billion) rescue fund into a more potent weapon. German lawmakers backed increasing the bailout fund’s capacity today, removing one hurdle in the path of a regional agreement. EU leaders may ask national finance ministers to determine the firepower of the expanded European Financial Stability Facility by the end of November, an EU official said. In the U.S., orders for durable goods excluding transportation equipment rose in September by the most in six months, showing manufacturing is supporting the expansion. Purchases of new houses gained more than forecast as discounted prices lured buyers in some parts of the country.

National benchmark indexes climbed in 10 of the 18 western European markets. The U.K.’s FTSE 100 rose 0.5 percent, while Germany’s DAX declined 0.5 percent and France’s CAC 40 slipped 0.2 percent.

Merck KGaA advanced 8.5 percent to 65.07 euros, the biggest gain since January 2009. The German maker of cancer drug Erbitux reported third-quarter profit that beat analysts’ estimates because of growth at the Merck Serono pharmaceutical and Millipore equipment businesses.

Pandora, the Danish jewelry maker that plunged 65 percent on Aug. 2 after cutting its full-year forecast, advanced 12 percent to 47.90 kroner. About 8.6 percent of Pandora shares are on loan, an indication of short-sellers’ interest, according to research firm Data Explorers.

Telenor ASA climbed 5.3 percent to 97.40 kroner as the largest phone company in the Nordic region boosted its outlook for full-year sales and profitability after third-quarter earnings increased.

Nyrstar declined 8.5 percent to 6.14 euros in Brussels, the biggest drop in two months. The zinc producer lowered its forecast for output from mines because of lower-than-expected deliveries from Talvivaara Mining Co.’s Finnish site, where it has an offtake agreement.

Adidas AG, the world’s second-biggest sporting goods maker, slid 3 percent to 49.68 euros as Morgan Stanley cut its recommendation on the shares to “equal weight” from “overweight.” The brokerage said the company faces an increase in costs as it expands, while a slowdown in China is a “potential risk” to momentum.

Areva SA declined 3.2 percent 21.38 euros as the world’s largest builder of atomic plants said its FBFC International subsidiary may progressively close its nuclear fuel fabrication site in Dessel, Belgium, citing overcapacities on western European markets.

26.10.2011 16:43

U.S. stocks little changed

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