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Most European stocks advanced, with the Stoxx Europe 600 Index rising for a sixth consecutive week, as investors weighed U.S. industrial data to gauge the strength of the world’s largest economy.
U.S. data today showed industrial production cooled in October amid a 16-day partial shutdown of the federal government. Output fell 0.1 percent last month, missing the median economist forecast for growth of 0.2 percent, after gaining a revised 0.7 percent in September,
A separate report showed manufacturing in the New York region unexpectedly contracted in November for the first time since May. The Fed Bank of New York’s index fell to minus 2.21, missing the average estimate for a gain to 5. Negative readings signal contraction in New York, northern New Jersey and southern Connecticut.
National benchmark indexes climbed in 11 of the 18 western European markets today. France’s CAC 40 gained 0.2 percent, the U.K.’s FTSE 100 rose 0.4 percent and Germany’s DAX added 0.2 percent.
Vivendi gained 2.8 percent to 18.74 euros. The Universal Music Group owner posted profit adjusted for non-recurring elements of 403 million euros ($542 million), beating the 386 million-euro average of estimates compiled by Bloomberg.
Koninklijke Boskalis Westminster NV added 1.3 percent to 35.18 euros. The Dutch dredging company raised its full-year net income forecast to at least 360 million euros from a previous estimate of 330 million euros.
Ultra Electronics Holdings Plc dropped 4.2 percent to 1,816 pence, its biggest decline in a year. The U.K. military-electronics maker said that a weak U.S. government-funded market will contribute to a decline in sales this year.
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