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05.12.2012 11:18

European stocks rose for a third day

 

 

European stocks rose for a third day, led by banks and mining companies, after China signaled wider policy support for the economic recovery by allowing insurers to invest more in banks and promoting urbanization.

China will keep macroeconomic policies stable, making adjustments as needed to deal with difficulties, the Communist Party’s Politburo said in its first assessment of the economy under new leader Xi Jinping.

The world’s second-largest economy will expand domestic demand, actively promote urbanization, strengthen real-estate controls and support small business, Xinhua said.

Separately, the China Insurance Regulatory Commission abolished a rule limiting insurance companies’ investments in commercial banks.

HSBC gained 1 percent to 642.6 pence. The bank agreed to sell its stake in China’s Ping An Insurance to Thai billionaire Dhanin Chearavanont for $9.4 billion as Europe’s biggest bank by market value moves to revive profit and boost capital.

UniCredit SpA rose 2.2 percent to 3.84 euros and Commerzbank AG added 2.9 percent to 1.43 euros, as a gauge of European lenders advanced 1 percent.

An index of mining shares posted the best performance among the 19 industry groups in the Stoxx 600. Vedanta Resources climbed 5.3 percent to 1,122 pence, the highest since Nov. 7. Rio Tinto Group and BHP Billiton Ltd. jumped 2.8 percent to 3,217 pence and 2.4 percent to 1,997.5 pence, respectively.

Nokia gained 6.9 percent to 2.70 euros. The Finnish mobile- phone maker unveiled a version of its flagship smartphone for China’s largest wireless carrier, China Mobile Ltd.

 

FTSE 100 5,880.35 +11.31 +0.19%

CAC 40 3,588.78 +8.30 +0.23%

DAX 7,448.55 +13.43 +0.18%

 

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