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European stocks rose for a second day, extending a three-month high, as U.S. President Barack Obama postponed a decision on military action against Syria.
The Stoxx Europe 600 Index rose 0.2 percent to 310.4 at 4:31 p.m. in London, having earlier climbed as much as 0.4 percent. The benchmark gauge has advanced 4.4 percent in September as Chinese manufacturing, industrial production and retail sales increased. The Stoxx 600 has rallied 11 percent this year as central banks around the world maintained stimulus measures and the global economy showed signs of recovery. The index had declined 11 percent from May 22 through June 24 after the Fed said it may start reducing the pace of asset purchases if the economy improves in line with its forecasts. Federal Open Market Committee officials hold their next meeting on Sept. 17-18.
Obama said yesterday in an address from Washington that he will pursue a proposal by Russia to have Syria surrender its stockpiles of chemical weapons to international authorities. He had previously said he would ask Congress to authorize the use of military force against Syrian President Bashar al-Assad following an Aug. 21 chemical attack that the U.S. says killed more than 1,400 people.
National benchmark indexes gained in 10 of the 18 western European markets today.
FTSE 100 6,571.77 -12.22 -0.19% CAC 40 4,119.11 +2.47 +0.06% DAX 8,495.73 +49.19 +0.58%
ARM jumped 4.6 percent to 984.5 pence, the biggest advance since April 23. Apple said late yesterday it will introduce two new iPhones, including a cheaper $99 version in bright colors and a high-end device.
The more expensive iPhone 5S will use ARM’s latest 64-bit technology, which carries a higher royalty rate and a higher chip value than current 32-bit technology, Andrew Dunn, an analyst at RBC Capital Markets, wrote in a report.
Nokia Oyj gained 3.6 percent to 4.41 euros after Berenberg Bank raised its recommendation on the Finnish phone maker to buy from sell, citing a stronger infrastructure business and an undervalued patent portfolio.
A gauge of utilities was the best performer among 19 industry groups in the Stoxx 600. EON, Germany’s largest utility, advanced 5 percent to 13.48 euros for the biggest jump in 13 months. RWE climbed 6.4 percent to 25.02 euros.
Kingfisher dropped 2.9 percent to 408 pence after Europe’s biggest home-improvement retailer said first-half adjusted pretax profit fell 1.6 percent to 365 million pounds ($574 million). That missed the 367 million-pound average forecast of analysts.
Vivendi SA lost 1.5 percent to 16.64 euros after its biggest shareholder, Vincent Bollore, said he isn’t seeking a paying position at the company. Bollore was among candidates to fill the role of chief executive officer at the French conglomerate, two people familiar with the matter had said.
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