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European stocks climbed, with the Stoxx Europe 600 posting its first weekly advance in three, after a report showed the U.S. jobless rate unexpectedly declined in September.
The economy added 114,000 workers last month after a revised 142,000 gain in August that was more than initially estimated, Labor Department figures showed today in Washington. The jobless rate dropped from 8.1 percent and hourly earnings climbed more than forecast.
ECB President Mario Draghi reiterated during a press conference in Slovenia yesterday that the central bank won’t start intervening in bond markets until governments like Spain request a bailout and agree to conditions. He also ruled out allowing the ECB to take losses in any further Greek debt restructuring and damped speculation of another interest-rate cut.
National benchmark indexes rose in all of the 18 western European markets except Iceland. France’s CAC 40 advanced 1.6 percent, Germany’s DAX climbed 1.3 percent and the U.K.’s FTSE 100 added 0.7 percent.
Gauges of banks and automakers on the Stoxx 600 were the best performers of the index’s 19 industry groups. BNP Paribas, France’s biggest bank, rallied 3.5 percent to 39.39 euros. BMW advanced 2.1 percent to 60.99 euros.
Burberry rallied 2.8 percent to 1,028 pence. Morgan Stanley raised its recommendation on the stock to overweight, the equivalent of a buy rating, from equal weight.
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