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European stocks climbed for a second day amid optimism U.S. lawmakers will agree to lift the debt limit, removing the imminent threat of default.
The Stoxx Europe 600 Index rose 0.4 percent to 311.59 at 4:37 p.m. in London. The benchmark gauge surged 1.7 percent yesterday as House Republican leaders presented proposals to raise the $16.7 trillion U.S. debt limit for six weeks without policy conditions. The index has increased 0.6 percent in the past five days after sliding for two straight weeks.
National benchmark indexes advanced in 11 of the 18 western European markets.
FTSE 100 6,487.19 +56.70 +0.88% CAC 40 4,219.98 +1.87 +0.04% DAX 8,724.83 +39.06 +0.45%
President Barack Obama met with Republican leaders yesterday after House Speaker John Boehner said he would offer a measure to push back the possibility of a U.S. default until Nov. 22.
Without congressional action to raise the debt limit, the U.S. will exhaust its borrowing authority on Oct. 17. The government of the world’s biggest economy has been partially shut down since Oct. 1 after lawmakers failed to pass a budget.
Royal Mail, Britain’s 360-year-old postal service, jumped 38 percent to 455 pence on its trading debut in London. The initial public offering was the U.K.’s biggest sale of state assets since British Rail was broken up in the 1990s.
Actelion, a Swiss drugmaker, rose 4.1 percent to 63.60 Swiss francs as health-care shares contributed the most to the Stoxx 600’s gain. Shire Plc climbed 2.8 percent to 2,447 pence in London, while Roche Holding AG, the world’s biggest maker of cancer drugs, gained 1.8 percent to 238.90 francs.
Genmab A/S, the Danish developer of cancer drugs, added 2.3 percent to 236.90 kroner. The company said its ofatumumab drug showed a significant reduction in cumulative number of new brain lesions in a multiple sclerosis study.
EMS-Chemie Holding AG (EMSN) advanced 3 percent to 321 francs. The chemical maker said nine-month sales climbed 7 percent to 1.44 billion francs and forecast that the economy will remain favorable in coming months.
Geberit AG, the Swiss maker of toilets and bathroom-piping systems, fell 1.7 percent to 236.7 francs. Goldman Sachs Group Inc. recommended selling the shares, citing a disappointing outlook for growth in its most profitable products.
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