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Asian stocks gained for a fifth day after European finance ministers cut borrowing costs for Greece and gave the indebted nation more time to repay rescue loans. Shares also rose after profit growth at Chinese industrial companies accelerated last month.
Nikkei 225 9,423.3 +34.36 +0.37%
S&P/ASX 200 4,456.83 +32.64 +0.74%
Shanghai Composite 1,991.17 -26.30 -1.30%
CSL Ltd., Australia’s biggest drugmaker, surged 6.9 percent in Sydney to a record after saying it expects profit growth of about 20 percent.
BHP Billiton Ltd., the world’s largest mining company, paced gains among raw-material companies as copper prices rose.
China Railway Construction Corporation Ltd. advanced 1.1 percent in Hong Kong.
European stocks advanced after euro- region finance ministers eased the terms of aid for Greece and cleared the way for a loan instalment in December.
European finance ministers eased the terms on emergency aid for the Mediterranean nation. In the latest bid to keep the 17- nation euro-area intact, the ministers cut the rates on bailout loans, suspended interest payments for a decade on money from the temporary rescue fund, gave the country more time to repay, and engineered a Greek bond buyback. Greece was also cleared to get a 34.4 billion-euro ($44.7 billion) loan instalment in December.
In the U.K., consumer spending and exports propelled the economy to its fastest growth since 2007 in the third quarter. Gross domestic product rose 1 percent from the second quarter, the same as reported on Oct. 25, the Office for National Statistics said today in London.
National benchmark indexes rose in 13 of the 18 western European markets. France’s CAC 40 Index was little changed, while Germany’s DAX Index rose 0.6 percent. The U.K.’s FTSE 100 Index gained 0.2 percent.
Remy Cointreau surged 6.4 percent to 88.51 euros for the biggest gain in the Stoxx 600. The company said first-half adjusted operating profit from current operations rose to 141.5 million euros, beating analyst estimates for 137.3 million euros. Remy Cointreau said second-half growth will be more moderate than in the first half. Still, it confirmed its target to “substantially” lift annual earnings.
Galp lost 5.9 percent to 11.50 euros. Eni said late yesterday that it’s selling 49.8 million Galp shares. They are being offered at 11.48 euros to 11.73 euros apiece, according to the terms obtained.
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