European stocks advanced
European stocks advanced, trimming this week’s losses, amid optimism that America’s economy is recovering and as traders prepared for the expiry of derivative contracts. U.S. index futures and Asian shares also climbed.
Italy’s Prime Minister Mario Monti will face a confidence vote in Parliament to speed passage of a 30 billion-euro ($39 billion) emergency budget plan aimed at spurring growth and cutting the euro-area’s second-biggest debt.
FTSE 100 5,442 +41.24 +0.76%
CAC 40 3,007 +8.07 +0.27%
Xetra DAX 5,757 +26.27 +0.46%
Petroleum Geo-Services ASA (PGS), the world’s third-biggest surveyor of oil and gas fields, rallied 5 percent to 57.40 kroner after it predicted earnings before interest, taxes, depreciation and amortization will rise to the range of $650 million to $700 million in 2012.
Credit Agricole SA (ACA), France’s second-largest bank by assets, gained 1.4 percent to 4.10 euros after it agreed to sell its private-equity unit to Coller Capital Ltd. for an undisclosed sum, to reduce risk-weighted assets by about 900 million euros.
Man Group Plc (EMG), the world’s largest hedge fund, fell 2 percent to 130.9 pence after Deutsche Bank AG cut the stock to “sell” from “buy.”