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European stocks advanced for a fourth day, the longest streak in two months, after the International Monetary Fund said it is raising its growth outlook for the U.S. economy. Asian shares and U.S. index futures climbed.
The Stoxx Europe 600 Index climbed 0.2 percent to 321.76 at 9:40 a.m. in London. The index has rallied 15 percent this year and is heading for its biggest annual advance since 2009.
“The positive assessment the IMF gave with regard to U.S. growth corroborates the improving economic indicators we have been witnessing,” said Konstantin Giantiroglou, head of investment advisory at Neue Aargauer Bank in Brugg, Switzerland. “The sentiment going into Christmas and New Year is good. We have an improving global economy and for the first time since the financial crisis we should see a synchronous recovery. We should see a continuation of the bull market in 2014.”
The IMF is raising its outlook for the U.S. economy as a budget deal in Washington and the Fed’s plan to reduce its bond buying ease doubts about the future, Managing Director Christine Lagarde said in an interview yesterday on NBC’s “Meet the Press.” The IMF said in October the world’s largest economy would expand 2.6 percent next year. Lagarde didn’t specify new figures.
A report may show that consumer confidence increased in December. A final reading for the Thomson Reuters/University of Michigan December consumer sentiment index rose to 83, according to the median economist forecast. That compares with a preliminary prediction of 82.5 and a reading of 75.1 in November.
ARM Holdings increased 2 percent to 1,089 pence after Apple (AAPL)’s Chinese agreement.
Lanxess advanced 2.5 percent to 46.89 euros. CEO Axel Heitmann told Frankfurter Allgemeine Sonntagszeitung that the company will reach the company’s goal of 710 million-euro ($972 million) to 760 million-euro Ebitda before special items, adding he is confident about improving results in 2014.
Orell Fuessli declined 4.1 percent to 86.30 Swiss francs after saying it will report an operating loss of 20 million francs ($22.3 million) for 2013, citing special charges at its security-printing unit, which produces Switzerland’s banknotes. On Oct. 1, the company said it was liable for losses incurred by customers in relation to banknotes stolen during production at Orell Fuessli.
FTSE 100 6,631.88 +25.30 +0.38%
CAC 40 4,192.57 -1.20 -0.03%
DAX 9,444.64 +44.46 +0.47%
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