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European stocks advanced for a fourth day, for the longest rally in five weeks, after a report signaled Chinese manufacturing expanded for the first time in 13 months.
A PMI released today by HSBC Holdings Plc and Markit Economics showed a preliminary reading of 50.4 for November, adding to signs that growth in the world’s second-largest economy is rebounding after a seven-quarter slowdown. That compared with a final level of 49.5 in October. A reading above 50 indicates expansion.
Euro-area factory output contracted less than economists had estimated, another Markit report showed. The measure of manufacturing climbed to 46.2 this month from 45.4 in October. That beat the average economist estimate of 45.6 in a Bloomberg survey. Separate manufacturing PMIs for Germany and France, Europe’s two biggest economies, also beat projections.
Spain’s 10-year government bonds rose for a third day as the nation’s borrowing costs declined when it sold 3.88 billion euros of securities, exceeding its maximum target, for debt due in 2015, 2017 and 2021.
SABMiller advanced 5.8 percent to 2,785.5 pence, for the biggest increase since October 2011. Earnings before interest, taxes and amortization, excluding some items, rose 17 percent to $3.17 billion, the company said. That compared with the $3.1 billion median estimate of 10 analysts surveyed by Bloomberg.
Daily Mail climbed 9.7 percent to 520 pence, the biggest rally since September 2009. The company said it will buy back shares for as much as as much as 100 million pounds ($160 million). Daily Mail also said its net debt dropped to 613 million pounds in the year ended Sept. 30, from 719 million pounds 12 months earlier.
Swedbank AB, Sweden’s third- biggest bank, dropped 2.6 percent to 118 kronor.
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