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Most European stocks declined, with the Stoxx Europe 600 Index heading for its biggest weekly rally in more than nine months, as German business confidence climbed, offsetting a deadlock over the region’s budget.
The Munich-based Ifo institute said its business climate index for Germany, based on a survey of 7,000 executives, climbed to 101.4 in November from 100 in October. Economists predicted a drop to 99.5. French business confidence increased from the lowest in more than three years this month, a separate report showed.
Divisions between rich and poor countries flared over the European Union’s next seven-year budget, leading German Chancellor Angela Merkel to rule out an accord until the new year.
Euro-area finance ministers will hold an emergency meeting in Brussels on Nov. 26 to discuss unlocking the next installment of aid to Greece. Their meeting this week failed to produce a decision as creditors led by Germany refused to bring fresh money or offer debt relief.
Outotec jumped 6.9 percent to 39.26 euros, the biggest gain in two months. The Finnish maker of mining machinery said its sales and operating margin will increase in 2013, driven by a strong order book, the current market outlook and customer tendering activity. The company also said it aims to raise its services revenue to 1 billion euros per year by the end of 2017.
EADS dropped 2 percent to 24.75 euros, the lowest since Oct. 1. The German government will buy shares in EADS from France, Handelsblatt reported, citing unidentified German government sources. German, and French governments aim to have 12 percent ownership each in EADS, while Spain will hold a 5 percent stake, according to Handelsblatt.
FTSE 100 5,789.62 -1.41 -0.02%
CAC 40 3,491.72 -6.50 -0.19%
DAX 7,233.22 -11.77 -0.16%
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