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06.09.2013 17:20

European stocks close

European stocks rose to a three-week high, completing their biggest weekly gain since April, as investors bet that any tapering of Federal Reserve stimulus will be more gradual than previously anticipated.

In the U.S., data showed that payrolls climbed at a slower-than-forecast pace in August, fueling speculation the Fed will not rush into large-scale trimming of bond purchases. The gain of 169,000 workers last month followed a revised 104,000 increase in July that was smaller than initially estimated, Labor Department figures showed in Washington. The median forecast of 96 economists surveyed by Bloomberg called for an August increase of 180,000. Still, unemployment dropped to 7.3 percent, the lowest since December 2008, as more people left the labor force.

National benchmark indexes rose in 14 of the 18 western European markets. The U.K.’s FTSE 100 added 0.2 percent, France’s CAC 40 climbed 1.1 percent and Germany’s DAX advanced 0.5 percent.

Sonova advanced 3.6 percent to 110 Swiss francs, its highest price since April 16. UBS raised its rating on the shares to buy from neutral, citing growth prospects in its hearing-implants business.

Air France-KLM Group climbed 4 percent to 6.16 euros as the airline said the number of passengers increased 3 percent in August from a year earlier.

A gauge of travel and leisure companies advanced 0.5 percent. Thomas Cook Group Plc rallied 6.3 percent to 147.4 pence and EasyJet Plc added 1.5 percent to 1,255 pence.

ProSiebenSat.1 slid 1.1 percent to 30.78 euros after TMG said late yesterday sold its entire stake of 13.1 million shares, or about 6 percent, in the company to institutions. KKR & Co. and Permira Advisers LLP sold 25 million shares of ProSiebenSat.1 earlier this week.

Voestalpine AG slid 1.3 percent to 34.05 euros. Bank of America Corp.’s Merrill Lynch unit downgraded Austria’s biggest steelmaker to neutral from buy, citing a recent rally that has led to limited potential for a price increase. The stock gained 37 percent in the four months through August.

Market Focus

  • US nonfarm payrolls rise more than expected in July
  • Canada’s merchandise trade deficit widens in June
  • Canada unemployment rate falls to lowest level since October 2008
  • Canada Ivey PMI falls less than expected in July
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