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29.08.2013 10:30

European stocks rose

European stocks rose, snapping a three-day drop, as investors awaited data on U.S. economic growth and Vodafone Group Plc surged to an 11-year high. U.S. index futures and Asian shares also climbed.

In Germany, unemployment unexpectedly increased in August, for the first time in three months. The number of people out of work increased by a seasonally adjusted 7,000 to 2.95 million, the Nuremberg-based Federal Labor Agency said. Economists in a survey had predicted a decline by 5,000. The adjusted jobless rate stayed at 6.8 percent, near a two-decade low.

Vodafone surged 9 percent to 206.4 pence, its highest price since January 2002. Europe’s biggest wireless carrier said it is in talks with Verizon to sell its 45 percent stake in their Verizon Wireless venture.

The transaction may be valued at $130 billion, people with knowledge of the matter said. At that price, the deal would be the biggest since Vodafone’s acquisition of Mannesmann AG in 2000 and would give the U.K. carrier’s finances a boost as it tries to revive operations hurt by Europe’s debt crisis.

A gauge of telecommunications stocks rallied the most since August 2011, posting the best performance among the 19 industry groups in the Stoxx 600. Telecom Italia SpA, Italy’s largest phone company, increased 3.1 percent to 0.50 euros. Orange SA climbed 2.4 percent to 7.76 euros.

Carrefour rose 4.8 percent to 23.87 euros, for its biggest increase since June 26. France’s largest retailer reported a 4.9 percent increase in first-half profit as more consistent pricing and improved store management helped stabilize domestic revenue. Recurring operating income advanced to 766 million euros ($1.02 billion), in line with the median analyst estimate of 767 million euros.

FTSE 100 6,457.91 +27.85 +0.43%

CAC 40 3,969.52 +9.06 +0.23%

DAX 8,184.44 +26.54 +0.33%

29.08.2013 11:45

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  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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