European Stocks Traded Higher Eliminating the Week’s Losses

“European stocks climbed, with the benchmark Stoxx Europe 600 Index paring this week’s drop, as the Group of Eight said the global economy is strengthening. Asian shares rose and U.S. index futures were little changed.

Banking shares gained 0.9 percent as a group after Citigroup Inc. raised its recommendation on the sector to “overweight.” Lloyds Banking Group Plc jumped 2.8 percent, while BNP Paribas (BNP) SA rose 1.9 percent. Xstrata Plc, the largest exporter of coal used by power stations, and Rio Tinto Group, the third-biggest mining company, led gains in basic-resource companies as metal prices rallied in London.

The Stoxx 600 increased 0.6 percent to 278.73 at 11:45 a.m. in London, trimming this week’s decline to 0.3 percent. The gauge has risen 6.3 percent from this year’s low on March 16 amid optimism that company profits and government stimulus measures will sustain the economic recovery. Standard & Poor’s 500 Index futures expiring in June advanced 0.1 percent, while the MSCI Asia Pacific Index climbed 0.7 percent.”

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