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European stocks rose as two German lawmakers said the country is open to Spain seeking a precautionary credit line from Europe’s rescue fund, and German investor confidence advanced more than expected in October.
Germany is open to Spain seeking a precautionary credit line from Europe’s rescue fund, two senior coalition lawmakers said. The comments by Michael Meister, a deputy caucus leader of Chancellor Angela Merkel’s Christian Democratic bloc, and Norbert Barthle, her party’s budget spokesman, signal a reversal of Finance Minister Wolfgang Schaeuble’s position that Germany is opposed to a full sovereign bailout for Spain.
FTSE 100 5,870.54 +64.93 +1.12%, CAC 40 3,500.94 +80.66 +2.36%, DAX 7,376.27 +115.02 +1.58%
BNP Paribas SA and Deutsche Bank AG paced gains among banking shares. Deutsche Bank and Commerzbank gained 5.1 percent to 34.60 euros and 4.1 percent to 1.56 euros, respectively.
Rio Tinto gained 2.7 percent to 3,053 pence. The company reported a 6 percent increase in third-quarter iron-ore output to 52.6 million metric tons, beating the mean analyst estimate of 50.65 million tons. Iron-ore output from Australia’s Pilbara region rose to a quarterly record.
GKN Plc fell 3.3 percent to 205 pence after the maker of car drive shafts warned that weakening demand in some European automotive and industrial markets will affect fourth- quarter profit.
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