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European stocks rose for the first time in four days as Greek political leaders reached a consensus on austerity measures and the European Central Bank held its benchmark interest rate at a record low.
Greece’s government has reached a deal on austerity measures required for a 130 billion-euro ($173 billion) financing package, according to a statement from the press office of Prime Minister Lucas Papademos.
ECB policy makers meeting in Frankfurt left the benchmark interest rate at a record low of 1 percent, as predicted economists. President Mario Draghi said at a press conference that surveys confirm tentative signs of stabilization in the euro-area economy.
Bank of England officials decided to infuse another 50 billion pounds ($79 billion) into the U.K. economy to protect a nascent recovery. The Monetary Policy Committee raised the target for bond purchases to 325 billion pounds, more than a quarter of current outstanding gilts.
National benchmark indexes rose in 12 of the 18 western European markets. France’s CAC 40 added 0.4 percent. Germany’s DAX climbed 0.6 percent, and the U.K.’s FTSE 100 gained 0.3 percent.
Daimler jumped 4.6 percent to 46.68 euros, its highest since Aug. 2. The company reported a 39 percent increase in fourth-quarter profit, boosted by demand for the revamped M- Class sport-utility vehicle.
Preference shares of Hugo Boss rose 0.7 percent to 77.30 euros. The German luxury clothier controlled by buyout firm Permira Advisers said earnings before interest, taxes, depreciation, amortization and one-time items increased to 97 million euros from 77 million euros in the year-earlier period.
Credit Suisse declined 3.5 percent to 24.35 Swiss francs. Switzerland’s second-biggest lender said it had a loss in the fourth quarter for the first time since 2008, hurt by “adverse markets” and costs to reorganize the investment bank.
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