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European stocks rose, capping the first weekly rally since Dec. 2, as U.S. durable-goods orders and new home sales increased, reinforcing optimism that the recovery in the world’s largest economy is gathering strength.
Orders for U.S. durable goods rose in November by the most in four months as an increase in demand for aircraft outweighed declines in spending on computers and equipment.
Bookings for equipment meant to last at least three years rose 3.8 percent after no change in the prior month that was previously reported as a decline, data from the Commerce Department showed today in Washington.
A separate report showed sales of new U.S. homes rose to a seven-month high in November. Purchases of single-family properties increased 1.6 percent to a 315,000 annual pace, pushing the number of new homes on the market to a record low.
National benchmark indexes climbed in all 18 western- European (SXXP) stock markets. The U.K.’s FTSE 100 Index rose 1 percent, Germany’s DAX gained 0.5 percent and France’s CAC 40 gained 1 percent.
Wavin soared 22 percent to 9.58 euros as it granted access to Mexichem to carry out due diligence, after the Latin American chemical producer increased its bid for Wavin to 10 euros from 9 euros.
BP rose 2.1 percent to 459.70 pence, while Total SA added 2.1 percent to 38.64 euros. Crude oil climbed for a fifth day in New York, the longest stretch of gains since Nov. 8.
EDP-Energias de Portugal dropped 0.3 percent to 2.32 euros, erasing an earlier gain of 3.7 percent, after Fitch Ratings reaffirmed the company’s long-term credit rating at BBB+. EDP had advanced after Portugal said China Three Gorges Corp. will pick up a stake in the company.
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