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European stocks rose to a three-month high as Chinese economic data beat estimates and the U.S. offered to defer an attack on Syria if it complied with a Russian proposal to give up chemical weapons. U.S. index futures and Asian shares also climbed.
China’s industrial output rose 10.4 percent in August from a year earlier and retail sales gained 13.4 percent, the National Bureau of Statistics said today. The advance in industrial production compared with a median estimate for 9.9 percent growth in a News survey and a 9.7 percent increase in July. The retail-sales figure compared with a projection for 13.3 percent advance and a 13.2 percent gain the previous month.
U.S. President Barack Obama said on ABC News that an attack on Syria will “absolutely” be put on hold if it agreed to surrender chemical weapons. Russian Foreign Minister Sergei Lavrov yesterday said his country will start negotiations with Bashar al-Assad’s regime to establish international control over such weapons.
Obama answered questions on six television news programs yesterday as part of an administration-wide attempt to rally public and congressional support for a U.S. military response to a chemical attack in Syria last month. He will address Americans on television tonight as his plan meets increased resistance and public opposition.
Peugeot gained 7.3 percent to 12.99 euros. Maxime Picat, managing director of the Peugeot brand, said at the Frankfurt auto show the carmaker will not cut prices even as it faces price pressure in Europe. Separately, a report from the China Association of Automobile Manufacturers showed auto sales to dealerships in the world’s second-biggest economy rose 11 percent last month from a year ago.
Glencore Xstrata advanced 3.6 percent to 333 pence, its highest price since May. The world’s biggest exporter of power-station coal said in a statement that “synergies” from its merger with Xstrata will be at least $2 billion, exceeding the initial guidance of $500 million. The Baar, Switzerland-based company released the statement before its investor meeting in London today.
Neste Oil surged 14 percent to 17.45 euros. Finland’s only refiner said comparable operating profit will increase to more than 530 million euros ($702 million) in 2013. Earlier, the company had merely said profit will be an improvement over last year’s 355 million euros.
FTSE 100 6,578.02 +47.28 +0.72%
CAC 40 4,092.26 +51.93 +1.29%
DAX 8,414.12 +137.80 +1.66%
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