Europe Stocks Rise on US Consumer Spending, Greek Bank Merger |
| BusinessWeek - Aug 29, 2011 |
European stocks rose after two days of losses dragged equities near to the cheapest valuation in more than two years and a report showed U.S. consumer spending gained in July.
EFG Eurobank Ergasias SA and Alpha Bank SA jumped by the maximum 30 percent after agreeing to merge to create Greece’s biggest bank, driving the ASE Index to the biggest gain in more than 20 years. Munich Re and Swiss Re Ltd., the world’s largest reinsurers, advanced more than 3 percent as the damage from Hurricane Irene in the U.S. was less severe than estimated.
The Stoxx Europe 600 Index advanced 1.5 percent to 228.78 at 2:35 p.m. in London. The gauge has still fallen 21 percent from this year’s peak on Feb. 17 as European and U.S. economic reports trailed forecasts, adding to concern that the global economic recovery is at risk. The decline has left the measure trading at 9.5 times estimated earnings, near the cheapest since March 2009, data compiled by Bloomberg show.
Read Full Article from BusinessWeek
- Posted: 2011-08-29 09:05:51
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