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European stocks rose, with the Stoxx Europe 600 Index capping a weekly gain, as policy makers declared a turning point in the sovereign-debt crisis and shifted their focus to pulling the region out of a recession. In a two-day summit that began yesterday in Brussels, euro- area leaders agreed to provide capital faster for the planned permanent bailout fund in a concession to international pressure to strengthen the region’s defenses against the debt crisis. Today, the leaders committed to a pro-growth agenda even as they signed a deficit-control treaty at the 17th high-level meeting since the outbreak of the crisis.
Spain raised its budget deficit target for 2012, breaching its commitment with its European partners. Prime Minister Mariano Rajoy announced a new deficit goal of 5.8 percent of gross domestic product compared with the 4.4 percent target previously agreed with the European Union.
National benchmark indexes rose in 15 of the 18 western European markets. France’s CAC 40 added less than 0.1 percent. Germany’s DAX declined 0.3 percent and the U.K.’s FTSE 100 lost 0.3 percent.
International Power, an operator of electricity plants on five continents, advanced 4.4 percent to 365.5 pence. Electricite de France SA, Europe’s biggest power generator, rallied 3.3 percent to 19.60 euros. Suez Environnement Co., the region’s second-biggest water company, climbed 3.5 percent to 11.80 euros.
Barclays added 2.2 percent to 256.75 pence. The U.K.’s third-largest lender by assets took 8.2 billion euros of three- year loans from the European Central Bank to provide “funding stability” for its units in Spain and Portugal.
Commerzbank, Germany’s second-largest bank, gained 1.2 percent to 1.96 euros. BNP Paribas SA, France’s biggest lender, rose 1.5 percent to 37.92 euros.
Belgacom dropped 4.9 percent to 22.89 euros. The Belgian telephone company said full-year net income fell to 756 million euros from 1.27 billion euros for the prior year.
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