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European stocks rose, rebounding from yesterday’s biggest drop since November, after a report showed hiring in U.S. companies accelerated and as investors with more than half of Greek bonds agreed to a debt swap.
Investors holding a total of at least 120 billion euros ($157 billion), or 58 percent of the Greek bonds eligible for the nation’s debt swap, have so far indicated they will participate in the biggest-ever sovereign restructuring. The offer, which ends at 10 p.m. Athens time tomorrow, aims to reduce the the 206 billion euros of privately held Greek debt by 53.5 percent.
German factory orders unexpectedly declined in January. Orders, adjusted for seasonal swings and inflation, fell 2.7 percent from December, when they gained 1.6 percent, the Economy Ministry in Berlin said.
National benchmark indexes rose in 14 of the 18 western European markets. France’s CAC 40 added 0.9 percent. Germany’s DAX climbed 0.6 percent and the U.K.’s FTSE 100 gained 0.4 percent.
Deutsche Boerse AG, blocked from buying NYSE Euronext by European regulators last month, advanced 2.3 percent to 47.01 euros, the most since Feb. 20. UBS AG recommended buying the stock saying concerns over the impact of financial transaction tax are overdone.
Thales SA added 2.7 percent to 27.09 euros after reporting full-year net income of 566 million euros, more than analysts’ estimates of 455 million euros.
Adidas, the world’s second-largest sporting-goods maker, declined 3 percent to 56 euros after saying it saw 2012 net income-target between 736 million euros to 770 million euros, missing analysts’ estimates.
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