hurricanemaxi
Joined: 17 Sep 2011
Posts: 83
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 Posted: Tue Sep 27, 2011 4:23 am Post subject: European Stocks Rally for Third Day, U.S. Futures Rise |
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European stocks climbed for a third straight day as policy makers increased efforts to contain the region’s sovereign-debt crisis. Asian shares and U.S. index futures advanced.
BNP Paribas (BNP) SA and Societe Generale SA led a rally in banks, soaring at least 8 percent. MAN SE (MAN) gained 6.7 percent as European Union regulators cleared Volkswagen AG (VOW)’s takeover of the truckmaker. Novartis AG (NOVN), Europe’s second-biggest drugmaker by sales, rose 1.7 percent after its Seebri treatment showed positive results in two studies.
The benchmark Stoxx Europe 600 Index climbed 2.4 percent to 225.55 at 10:29 a.m. in London. The gauge has surged 5 percent over the past three trading days after falling to a two-year low on Sept. 22. That’s the biggest three-day gain this month.
“Markets seem to be hopeful that a further step has been made with regards to a European solution,” said Reto Huenerwadel, senior economist at UBS AG in Zurich.
The Stoxx 600 fell 26 percent from this year’s peak in February through Sept. 22 as European and U.S. economic reports trailed forecasts, adding to concern that the global recovery is at risk. The decline left the measure trading at 9 times estimated earnings, the cheapest since March 2009, data compiled by Bloomberg show.
Asian, U.S. Shares
The MSCI Asia Pacific Index rallied 4 percent today, while Standard & Poor’s 500 Index futures increased 1.1 percent.
U.S. Treasury Secretary Timothy F. Geithner predicted that European governments will step up their response to their region’s debt crisis after a chiding from counterparts around the world.
“They heard from everybody around the world” in Washington meetings last week, Geithner said on ABC’s “World News With Diane Sawyer” program. Europe’s crisis is “starting to hurt growth everywhere, in countries as far away as China, Brazil and India, Korea. And they heard the same message from us they heard from everybody else, which is it’s time to move.”
Geithner’s remarks maintain pressure on Europe ahead of finance minister and central bank gatherings next week and a decision on whether to disburse a loan Greece may need to avoid default.
Financial markets are looking for stronger leadership from policy makers to help Greece overcome the current debt crisis, Greek Prime Minister George Papandreou said in a speech to a German industry federation event in Berlin.Papandreou tests the strength of his parliamentary majority today as lawmakers vote on a property tax that is key to persuading the EU and International Monetary Fund to release an aid installment and avert default.
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