European stocks climbed, extending the biggest weekly gain in a month for the benchmark Stoxx Europe 600 Index, amid continuing speculation that the Federal Reserve will step in to support the economy.
Ladbrokes Plc rallied 2.6 percent as the U.K. bookmaker founded in 1886 said third-quarter operating profit more than doubled. Fertilizer makers Yara International ASA and Syngenta AG climbed as corn and soybean futures surged to a two-year high. Nokia Oyj rose for a fifth day as Goldman Sachs Group Inc. and Nordea Bank said new smartphones would boost earnings.
The Stoxx 600 gained 0.3 percent to 263.15 at 3:17 p.m. in London as two stocks advanced for each one that declined. The measure rose 1.2 percent last week as speculation mounted that the U.S. Federal Open Market Committee will announce plans to stimulate economic growth at its Nov. 2-3 meeting. The Fed will release minutes from its September gathering tomorrow.
“We will see quantitative easing by the States,” Bob Parker, senior adviser at Credit Suisse Group AG, said on Bloomberg Television’s Countdown with Francine Lacqua. “I don’t think it’s discounted in global equity markets. By the end of the year you could see U.S. equities and global equities up a minimum of five percent.”
National benchmark indexes climbed in 14 of the 18 western European markets. The U.K.’s FTSE 100 Index gained 0.5 percent, while Germany’s DAX increased 0.4 percent and France’s CAC rose 0.3 percent.
Greek Stocks Gain
Greece’s ASE Index climbed 1.4 percent after International Monetary Fund Managing Director Dominique Strauss-Kahn said it’s prepared to give the nation more time to repay loans should European countries do so first. Greek officials are doing “exactly what they need to do” to rein in spending and meet benchmarks set out as a condition of a 110 billion-euro ($154 billion) aid package awarded in April, Strauss-Kahn said in a television interview with Bloomberg HT yesterday.
Exchange rates dominated the IMF’s annual meeting in Washington this weekend on concern that officials are relying on cheaper currencies to aid growth, risking retaliatory devaluations and trade barriers. Finance ministers and central bankers pledged to improve cooperation, yet did little to show how they would alter their ways beyond agreeing to let the IMF study the matter.
European stocks pared their advance earlier today after a Reuters report that China’s central bank temporarily raised reserve requirements for six large commercial banks, reining in liquidity as the economy stabilizes and money flows in from abroad. The People’s Bank of China declined to comment.
Ladbrokes Climbs
Ladbrokes gained 2.6 percent to 141.6 pence as the company said third-quarter operating profit more than doubled, boosted by betting on soccer’s World Cup and better win rates at its gambling machines. Earnings gained 128 percent to 51.1 million pounds ($81.4 million) in the period and Ladbrokes said it’s “on track” to meet its full-year forecasts.
Yara, the largest publicly traded nitrogen-fertilizer maker, rallied 3.9 percent to 291 kroner, the highest level in two years. Syngenta, the world’s biggest maker of agricultural chemicals, rose 2.3 percent to 261.6 Swiss francs.
Corn futures rose the 45-cent daily limit, or 8.5 percent, to $5.7325 a bushel on the Chicago Board of Trade. Corn harvests will fall 3.4 percent from a year earlier after floods in June and dry weather in August cut yields, the U.S. government said. Soybean futures gained as much as 4.4 percent to $11.8475 a bushel, the highest since June 5 last year.
Separately, the Telegraph said Yara could be a potential buyer of Potash Corp. of Saskatchewan Inc.’s non-potash units.
Nokia, Salzgitter
Nokia Oyj rose 1.8 percent to 7.89 euros. Nordea upgraded the world’s largest maker of mobile phones to “strong buy” and Goldman Sachs raised its price estimate by 10 percent to 8.60 euros, with both brokerages citing higher earnings from new smartphones.
Salzgitter AG climbed 3 percent to 51.1 euros. Germany’s second-biggest steelmaker posted higher revenue in the third quarter after raising prices for steel products, Boersen-Zeitung reported, citing Chief Financial Officer Heinz Joerg Fuhrmann.
John Wood Group Plc, a U.K. oil and gas services company, advanced 4.5 percent to 448.5 pence after saying it expects higher second-half earnings in its engineering and gas turbine services units on increased contract awards.
Electrolux AB jumped 4.3 percent to 175.8 kronor, its highest price since July 14. The world’s second-largest household appliance maker agreed to buy a 52 percent stake in Egyptian washing-machine manufacturer Olympic Group Financial Investments for $246 million.
Inmarsat Upgrade
Inmarsat Plc, the operator of satellite communications systems, increased 2.2 percent to 644.5 pence as Goldman Sachs raised the shares to “buy” from “neutral.”
Gamesa Corporacion Tecnologica SA slumped 5 percent to 4.79 euros. UBS AG downgraded its recommendation on the Spanish maker of wind turbines to “sell” from “neutral” and Exane BNP Paribas cut its share-price estimate on the shares by 43 percent to 4 euros.
“We continue to see market fundamentals as particularly tough,” Exane analyst Arnaud Brossard wrote in a report today. “Demand is modest and overcapacity is still high.”
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Ladbrokes Plc rallied 2.6 percent as the U.K. bookmaker founded in 1886 said third-quarter operating profit more than doubled. Fertilizer makers Yara International ASA and Syngenta AG climbed as corn and soybean futures surged to a two-year high. Nokia Oyj rose for a fifth day as Goldman Sachs Group Inc. and Nordea Bank said new smartphones would boost earnings.
The Stoxx 600 gained 0.3 percent to 263.15 at 3:17 p.m. in London as two stocks advanced for each one that declined. The measure rose 1.2 percent last week as speculation mounted that the U.S. Federal Open Market Committee will announce plans to stimulate economic growth at its Nov. 2-3 meeting. The Fed will release minutes from its September gathering tomorrow.
“We will see quantitative easing by the States,” Bob Parker, senior adviser at Credit Suisse Group AG, said on Bloomberg Television’s Countdown with Francine Lacqua. “I don’t think it’s discounted in global equity markets. By the end of the year you could see U.S. equities and global equities up a minimum of five percent.”
National benchmark indexes climbed in 14 of the 18 western European markets. The U.K.’s FTSE 100 Index gained 0.5 percent, while Germany’s DAX increased 0.4 percent and France’s CAC rose 0.3 percent.
Greek Stocks Gain
Greece’s ASE Index climbed 1.4 percent after International Monetary Fund Managing Director Dominique Strauss-Kahn said it’s prepared to give the nation more time to repay loans should European countries do so first. Greek officials are doing “exactly what they need to do” to rein in spending and meet benchmarks set out as a condition of a 110 billion-euro ($154 billion) aid package awarded in April, Strauss-Kahn said in a television interview with Bloomberg HT yesterday.
Exchange rates dominated the IMF’s annual meeting in Washington this weekend on concern that officials are relying on cheaper currencies to aid growth, risking retaliatory devaluations and trade barriers. Finance ministers and central bankers pledged to improve cooperation, yet did little to show how they would alter their ways beyond agreeing to let the IMF study the matter.
European stocks pared their advance earlier today after a Reuters report that China’s central bank temporarily raised reserve requirements for six large commercial banks, reining in liquidity as the economy stabilizes and money flows in from abroad. The People’s Bank of China declined to comment.
Ladbrokes Climbs
Ladbrokes gained 2.6 percent to 141.6 pence as the company said third-quarter operating profit more than doubled, boosted by betting on soccer’s World Cup and better win rates at its gambling machines. Earnings gained 128 percent to 51.1 million pounds ($81.4 million) in the period and Ladbrokes said it’s “on track” to meet its full-year forecasts.
Yara, the largest publicly traded nitrogen-fertilizer maker, rallied 3.9 percent to 291 kroner, the highest level in two years. Syngenta, the world’s biggest maker of agricultural chemicals, rose 2.3 percent to 261.6 Swiss francs.
Corn futures rose the 45-cent daily limit, or 8.5 percent, to $5.7325 a bushel on the Chicago Board of Trade. Corn harvests will fall 3.4 percent from a year earlier after floods in June and dry weather in August cut yields, the U.S. government said. Soybean futures gained as much as 4.4 percent to $11.8475 a bushel, the highest since June 5 last year.
Separately, the Telegraph said Yara could be a potential buyer of Potash Corp. of Saskatchewan Inc.’s non-potash units.
Nokia, Salzgitter
Nokia Oyj rose 1.8 percent to 7.89 euros. Nordea upgraded the world’s largest maker of mobile phones to “strong buy” and Goldman Sachs raised its price estimate by 10 percent to 8.60 euros, with both brokerages citing higher earnings from new smartphones.
Salzgitter AG climbed 3 percent to 51.1 euros. Germany’s second-biggest steelmaker posted higher revenue in the third quarter after raising prices for steel products, Boersen-Zeitung reported, citing Chief Financial Officer Heinz Joerg Fuhrmann.
John Wood Group Plc, a U.K. oil and gas services company, advanced 4.5 percent to 448.5 pence after saying it expects higher second-half earnings in its engineering and gas turbine services units on increased contract awards.
Electrolux AB jumped 4.3 percent to 175.8 kronor, its highest price since July 14. The world’s second-largest household appliance maker agreed to buy a 52 percent stake in Egyptian washing-machine manufacturer Olympic Group Financial Investments for $246 million.
Inmarsat Upgrade
Inmarsat Plc, the operator of satellite communications systems, increased 2.2 percent to 644.5 pence as Goldman Sachs raised the shares to “buy” from “neutral.”
Gamesa Corporacion Tecnologica SA slumped 5 percent to 4.79 euros. UBS AG downgraded its recommendation on the Spanish maker of wind turbines to “sell” from “neutral” and Exane BNP Paribas cut its share-price estimate on the shares by 43 percent to 4 euros.
“We continue to see market fundamentals as particularly tough,” Exane analyst Arnaud Brossard wrote in a report today. “Demand is modest and overcapacity is still high.”
http://jodnet.blogspot.com
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