European Stocks Advance After Fourth Quarterly Gain By Sofia Horta e Costa Jul 1, 2014 European stocks climbed, after gaining for a fourth quarter, with commodity producers and banks rallying, while data showed euro-area manufacturing expanded for a 12th month. U.S. index futures and Asian shares also rose. BNP Paribas SA added 3.5 after saying it intends to keep its dividend unchanged even after agreeing to plead guilty to U.S. sanctions violations and pay $8.97 billion in fines. Rio Tinto Group led mining stocks higher as Bank of America Corp. upgraded the shares. Bilfinger SE sank 14 percent after cutting its full-year profit forecast. Kloeckner & Co SE fell 4.3 percent as Credit Suisse Group AG recommended selling the stock. The Stoxx Europe 600 Index gained 0.2 percent to 342.59 at 9:19 a.m. in London. The equity gauge climbed 2.3 percent in the second quarter, capping the longest stretch of quarterly advances since 2010, and sending its rally for the year to 4.1 percent. The gains came even as the index lost 0.7 percent in June as violence in Iraq and disappointing economic data outweighed the European Central Bank’s stimulus measures. Standard & Poor’s 500 Index futures added 0.2 percent today, while the MSCI Asia Pacific Index rose 0.3 percent to extend a six-year high. “Economic indicators still suggest everything is in place for a recovery,” Dirk Thiels, head of investment management at KBC Asset Management NV, said by phone from Brussels. “The data in Europe, although not spectacular, is holding steady above the expansion level, and the U.S. looks like it’s going in the right direction. We managed to have quite a decent run in the first quarter, and now people are waiting for the next catalyst.
Posted on: Tue, 01 Jul 2014 08:50:00 +0000
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