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European stocks rose, rebounding from a one-month low, as Federal Reserve Bank of Atlanta President Dennis Lockhart said the central bank is committed to its stimulus program.
The Stoxx Europe 600 Index climbed 0.3 percent to 299.59 at the close. The benchmark gauge fell to the lowest level since May 2 yesterday amid speculation the Fed will scale back bond buying.
Lockhart said late yesterday that recent data suggest the economy lacks the strength to justify a reduction in the central bank's bond-buying program. "To the extent that the markets are seeing mixed messages, it simply reflects the debate that's going on among the colleagues on the Federal Open Market Committee," Lockhart said in a interview. "The bigger picture is that any adjustment is not a major policy shift."
National benchmark indexes climbed in 12 of the 18 western European markets.
FTSE 100 6,558.58 +33.46 +0.51% CAC 40 3,925.83 +5.16 +0.13% DAX 8,295.96 +10.16 +0.12%
Santander, Spain's biggest lender, increased 1.5 percent to 5.58 euros. Inditex, the world's largest clothing retailer, added 0.7 percent to 97.92 euros.
Generali, Italy's biggest insurer, advanced 1.2 percent to 14.51 euros after Scor said it will pay about 579 million euros ($757 million) plus an "earnings adjustment" for Generali USA Life Reassurance Co. Scor, France's largest reinsurer, rose 2.7 percent to 22.86 euros.
STMicroelectronics, Europe's biggest chipmaker, gained 4.5 percent to 7.50 euros in Milan after Bozotti said in an interview with Le Figaro that orders have been positive in all regions. The company is seeking an increase of 5 percent to 10 percent in orders this year, according to the newspaper.
Rentokil Initial Plc rallied 2.6 percent to 90.75 pence after the Financial Times reported that private equity firm Clayton Dubilier & Rice LLC is considering buying the pest-control provider's Initial Facilities unit. Clayton Dubilier plans to combine the office-maintenance unit with Balfour Beatty Plc's WorkPlace, the newspaper said, citing unnamed people familiar with the matter.
Portugal Telecom SGPS SA soared 7 percent to 3.37 euros, the biggest jump in three years. The Portuguese phone company said Zeinal Bava will become chief executive officer of Oi SA, while Portugal Telecom Chairman Henrique Granadeiro will take on the additional role of CEO.
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