European Stocks Rise as Investors Bet Worst Is Already Priced In

European stocks advanced, rebounding from yesterday’s decline, as investors bet that the worst quarter in four years already reflects concerns about weaker economic prospects.

Glencore Plc led commodity producers higher, adding 14 percent as metal prices rose and investors accepted reassurances that it can withstand current market conditions. PSA Peugeot Citroen paced gains in auto-related stocks, rising 6.4 percent, as China said it would halve purchase tax on certain vehicles. Volkswagen AG, which has lost more than a third of its value since admitting to cheating on emission tests, increased 2.7 percent. J Sainsbury Plc led an advance in retailers, soaring 14 percent after saying full-year profit may beat consensus estimates. Tesco Plc rose 7 percent.

The Stoxx Europe 600 Index jumped 2.5 percent to 347.77 at the close of trading. Shares slid yesterday, as concern over a slowdown in Asia and uncertainty over the Federal Reserve’s actions continued to weigh on investor sentiment and stoke volatility. The equity gauge fell 8.8 percent in the third quarter, its worst performance since 2011. It also posted its first back-to-back monthly drop in more than a year. A gauge measuring swings on euro-area stocks is at its highest level since 2011 on a monthly basis, data compiled by Bloomberg show.

Among stocks active on corporate news, Rio Tinto Group rose 2.8 percent after the world’s second-biggest mining company agreed to sell its 40 percent stake in the Bengalla coal venture in Australia to New Hope Corp. for $ 606 million. Deutsche Lufthansa AG climbed 6.2 percent after DZ Bank AG raised its rating on the carrier to buy from hold.

Source: Bloomberg

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Sumber : bpfnews.com

Europe Stocks Rise as Investors Assess Value in Volatile Quarter

European stocks advanced, rebounding from yesterday’s decline, as investors paused to assess value in what is heading for the worst quarter in four years.

Carmakers and commodity producers posted the biggest gains of the 19 industry groups on the Stoxx Europe 600 Index. Glencore Plc led miners with an advance of 7.4 percent, as metal prices rallied. PSA Peugeot Citroen paced auto-related stocks, rising 5.6 percent.

The Stoxx 600 jumped 1.8 percent to 345.21 at 8:22 a.m. in London. Shares slid on Tuesday, as concern over a slowdown in Asia and uncertainty over the Federal Reserve’s actions continued to weigh on investor sentiment and stoke volatility. The equity benchmark has fallen 9.5 percent in the third quarter, heading for its worst performance since 2011. It’s also poised for its first back-to-back monthly drop in more than a year.

Source : Bloomberg

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Sumber : bpfnews.com

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