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25.06.2013 10:30

European stock indices rose

European stocks climbed from a six-month low as the People's Bank of China allayed concern over a cash crunch and investors awaited reports that may show U.S. durable-goods orders and sales of new homes increased. U.S. index futures also advanced, while Asian shares slid.

The Stoxx Europe 600 Index increased 1.2 percent to 278.87 at 10:14 a.m. in London. The benchmark gauge entered a correction yesterday, having slumped more than 10 percent since May 22, when Federal Reserve Chairman Ben S. Bernanke commented on the possibility of paring bond purchases.

The Stoxx 600 is heading for a loss in June of 7.3 percent, its biggest monthly drop since August 2011.

China's stocks fell after posting the biggest swings in 22 months as the Shanghai Composite Index reached a four-year low and investors speculated the government will take steps to bolster financial markets. Liquidity risks in China's financial markets are controllable and seasonal forces affecting interest rates will fade, Ling Tao, deputy director of the Shanghai branch of the People's Bank of China, said at a briefing in Shanghai after the market close. The central bank will closely monitor the money-market rate and keep it at reasonable levels, he said.

U.S. durable-goods orders grew 3 percent in May after rising a revised 3.5 percent the prior month, economists projected before a report from the Commerce Department at 8:30 a.m. in Washington. Separate data due at 10 a.m. may show sales of new homes rose to a 460,000 annualized pace last month, the highest since July 2008, according to the survey median.

Peugeot rallied 5.1 percent to 6.12 euros. Europe's second-largest carmaker said it has received more than 26,000 orders in Europe for the 2008-model crossover. Peugeot is betting that the new 208 compact city car and the 2008, a derivative of that vehicle, will help it keep market share in Europe.

Vinci rose 3.9 percent to 37.59 euros. Berenberg initiated coverage of Europe's largest builder with a buy rating, saying that the company's size, balance sheet and technical expertise give it a competitive advantage over its European peers.

Icade SA advanced 2.7 percent to 59.96 euros. UBS raised its recommendation on the company to buy from neutral, with analysts led by Kristian Bandy saying the shares look cheap before a court ruling this week on the office landlord's takeover of Silic SA.

FTSE 100 6,083.54 +54.44 +0.90%

CAC 40 3,641.34 +45.71 +1.27%

DAX 7,806.44 +113.99 +1.48%

25.06.2013 12:00

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