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European stocks climbed, extending a third consecutive weekly gain, as the Stoxx Europe 600 Index approached its highest level in six years. U.S. index futures and Asian shares also rose.
The Stoxx 600 rose 0.2 percent to 335.55 at 10:30 a.m. in London, heading for a 0.7 percent weekly gain. The equity gauge rallied 5.4 percent from Feb. 4 through yesterday as Federal Reserve Chair Janet Yellen’s pledge to continue her predecessor’s approach to stimulus policy fueled optimism that the U.S. economic recovery can withstand reduced monthly bond purchases.
U.S. data may show purchases of previously-owned homes fell 4.1 percent in January to a 4.67 million annual pace, according to the median projection of economists.
Valeo added 12 percent to 98.88 euros after saying earnings before interest, taxes and other expenses rose 16 percent to 411 million euros ($564 million) in the second half of 2013. That beat the 375 million-euro average of analyst estimates.
Axa lost 1.7 percent to 19.21 euros. The French insurer said net income climbed 10 percent to 4.48 billion euros in 2013, missing the average projection of 4.74 billion euros.
Technip SA (TEC) rose 2.2 percent to 71.56 euros, heading for its largest two-day increase since May 2009. Societe Generale SA upgraded its rating on the stock to buy from neutral, saying Europe’s largest oilfield-services provider may begin to reduce costs as it introduces tighter controls on spending.
Kering slipped 2.7 percent to 150.90 euros. Sales at the Gucci brand, which made up about 37 percent of total revenue in 2013, rose 0.2 percent in the final three months of last year, according to a statement. That was the slowest quarterly growth in four years and trailed the 0.8 percent increase projected by analysts. Kering said recurring operating income fell to 1.75 billion euros in 2013 from 1.79 billion euros a year earlier. Analysts had predicted 1.77 billion euros.
FTSE 100 6,828.18 +15.19 +0.22%
CAC 40 4,365.39 +9.90 +0.23%
DAX 9,619.81 +0.96 +0.01%
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