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16.12.2013 11:32

European stocks climbed

European stocks climbed after a gauge of manufacturing in the euro area rose more than forecast and as investors awaited a Federal Reserve meeting starting tomorrow to gauge the timing of stimulus cuts. U.S. stock-index futures rose and Asian shares fell.

Euro-area factory output grew at a faster pace than economists had forecast in December, led by Germany. An index based on a survey of purchasing managers in the manufacturing industry increased to 52.7 from 51.6 in November, London-based Markit Economics said in a statement today. That’s above the estimate of 51.9 in a Bloomberg News survey of 35 economists. European Central Bank President Mario Draghi is scheduled to speak to the European Parliament in Brussels.

The Fed may begin reducing its $85 billion of monthly bond purchases at its Dec. 17-18 meeting, according to 34 percent of economists in a Dec. 6 Bloomberg survey, up from 17 percent in a Nov. 8 poll

Aggreko jumped 5.9 percent to 1,605 pence. The provider of mobile-power generators forecast debt will drop by 200 million pounds ($326 million) compared with the year-ago period. The Glasgow-based company expects full-year results to be ahead of expectations, according to a statement.

H&M advanced 2.3 percent to 285 kronor. Europe’s second-biggest clothing retailer said revenue at stores and operations open at least a year rose 10 percent last month compared with a year earlier, the Stockholm-based company said. That topped the 4 percent gain anticipated in a survey of analysts by SME Direkt. It is the biggest advance in same-store sales in 20 months. The company’s total sales rose 21 percent in November, compared with a projected 14 percent gain.

Moncler rose to 14.40 euros, or 41 percent higher than its initial public offering price after investors sought about 27 times the amount of stock available. The shares were offered at 10.20 euros apiece. Moncler’s private-equity owners have raised about 784 million euros ($1.08 billion) after selling shares at the top of a targeted range and exercising an over-allotment option.

ArcelorMittal SA declined 2.8 percent to 11.72 euros. Nomura Holdings Inc. cut its recommendation on the steelmaker to reduce from buy, saying steel prices will probably fall.

FTSE 100 6,470.88 +30.92 +0.48%

CAC 40 4,093.14 +33.43 +0.82%

DAX 9,128.64 +122.18 +1.36%


16.12.2013 13:00

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