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20.03.2013 10:30

European stock indices rising

European (SXXP) stocks rose, snapping a three-day loss, as policy makers weighed options for keeping Cyprus in the euro area. U.S. index futures also climbed, while Asian shares excluding Japan were little changed.

The benchmark Stoxx Europe 600 Index rose 0.3 percent to 296.47 at 10:09 a.m. in London after falling 1 percent in the past three days.

Deutsche Bank paced a rebound in euro-area lenders, advancing 2.2 percent to 32.72 euros in Frankfurt. The shares snapped a three-day decline even as Germany’s largest bank said it raised its litigation reserves 33 percent to 2.4 billion euros ($3.1 billion).

Credit Agricole rose 1.9 percent to 6.69 euros and BNP Paribas SA gained 1.3 percent to 41.47 euros. A gauge of the euro-area’s largest banks rallied 1.4 percent after falling 6.8 percent over the previous three days.

Mediaset (MS) jumped 4.4 percent to 1.63 euros. Goldman Sachs Group Inc. raised its recommendation for the shares to neutral from sell, citing their recent drop. Mediaset has lost 19 percent since Jan. 18. The volume in the shares today was 65 percent more than the average of the past three months.

Elementis climbed 3.8 percent to 274.9 pence, its highest price since at least 1988, after JPMorgan Chase & Co. upgraded the chemical company to overweight, a rating similar to buy, from neutral. The brokerage also raised its price estimate for the shares by 50 percent to 300 pence.

Dufry advanced 3.3 percent to 120.60 Swiss francs as UBS AG raised its recommendation for the operator of duty-free shops to buy from neutral. The bank increased its price target to 138 francs.

To date:

FTSE 100 6,452.11 +10.79 +0.17%

CAC 40 3,800.91 +25.16 +0.67%

DAX 7,985.94 +38.15 +0.48%

20.03.2013 12:00

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