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European stocks advanced for the third time in four days as data showing the U.S. housing market is stabilizing outweighed a report that China has no intention of introducing large-scale stimulus.
Home values in 20 U.S. cities fell in the 12 months ended March at the slowest pace in more than a year. The S&P/Case- Shiller index of property values fell 2.6 percent from a year earlier after a 3.5 percent drop in February.
China has no intention of starting a large-scale economic stimulus program like it did during the global financial crisis, the official Xinhua News Agency said today.
National benchmark indexes rose in all of the 18 western European markets today, except Spain and Portugal. The U.K.’s FTSE 100 increased 0.7 percent, Germany’s DAX gained 1.2 percent and France’s CAC 40 advanced 1.4 percent. Spain’s IBEX 35 slid 2.3 percent to the lowest level in nine years.
CGGVeritas added 5.7 percent to 19.65 euros as UBS upgraded the shares to buy from neutral. That was the biggest jump this year.
Spanish lender Bankia sank 16 percent to 1.14 euros after dropping 13 percent yesterday. Banco Popular Espanol SA fell 3.3 percent to 1.66 euros, a fourth day of losses. Banco de Sabadell SA dropped 4.3 percent to 1.34 euros and Banco Bilbao Vizcaya Argentaria SA declined 2.6 percent to 4.64 euros.
Repsol sank 7.2 percent to 12.83 euros, the biggest drop since November 2008. The oil company said it will cut its dividend payout ratio to increase production outside Argentina after its YPF SA unit was seized.
Wolseley Plc retreated 1 percent to 2,277 pence as the world’s largest supplier of heating and plumbing products reported a decline in third-quarter revenue.
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