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25.11.2013 11:30

European stock rose

European stocks advanced, after posting their first weekly loss since early October, as Iran agreed to limit its nuclear program and as investors awaited a report on U.S. pending-home sales. U.S. stock-index futures and Asian shares climbed.

The Stoxx Europe 600 Index advanced 0.5 percent to 324.36 at 10:39 a.m. in London. The benchmark gauge last week slipped less than 0.1 percent, the first loss since Oct. 4. It has surged 16 percent this year as central banks around the world maintained stimulus measures.

The accord is the first major breakthrough in the dispute over Iran’s nuclear program since 2003. Questions over the purpose of that plan had deepened the rift between Shiite and Sunni Muslims in the Middle East, sparked threats of military action by the U.S. and Israel, and raised concerns that the oil-rich region was heading for a nuclear arms race.

In the U.S., an index of pending home sales increased 1.1 percent in October, following a 5.6 percent drop a month earlier, economists forecast.

A gauge of travel and leisure companies posted the biggest jump among 19 industry groups in the Stoxx 600, gaining 1.7 percent.

IAG, the parent of British Airways, climbed 3 percent to 373.6 pence and Air France advanced 1.5 percent to 7.62 euros.

Peugeot gained 3.7 percent to 10.61 euros after two people familiar with the matter said CEO Philippe Varin plans to step down next year and hire former Renault SA (RNO) Chief Operating Officer Carlos Tavares as his replacement. Pierre-Olivier Salmon, a Peugeot spokesman, declined to comment. Europe’s second-largest carmaker is also likely to benefit from the Iran accord. Peugeot sold 458,000 vehicles in Iran in 2011, before the trade sanctions, making it the company’s second-biggest market after France.

Fresenius Medical Care, the world’s biggest provider of kidney dialysis, jumped 8.6 percent to 51.99 euros, the largest gain since October 2008. Medicare & Medicaid Services issued a final rule on Nov. 22 that keeps payments to companies including Fresenius Medical Care unchanged for 2014. The original proposal was for a 9.4 percent cut.

Banco Popolare SC (BP) declined 3.5 percent to 1.29 euros and Unione di Banche Italiane SCPA (UBI) slid 2.3 percent to 4.93 euros after Societe Generale SA reduced its 12-month price forecast on the shares.

The French brokerage estimated that Italian banks will need 44 billion euros more in provisions for their bad loans. Italian lenders’ non-performing loans as a proportion of lending rose in September to the highest level since November 1999, according to data published by the Italian Banking Association on Nov. 19.

FTSE 100 6,694.9 +20.60 +0.31%

CAC 40 4,299.91 +21.38 +0.50%

DAX 9,297.25 +78.21 +0.85%

25.11.2013 13:00


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