“European stocks rose after the biggest four-day selloff since July as Italian and Spanish bonds gained. Copper fell for a second day, poised to enter a bear market.
The Stoxx Europe 600 Index advanced 0.6 percent at 10:40 a.m. in London, while Standard & Poor’s 500 Index futures added 0.4 percent. Italy’s 10-year bond yield fell four basis points to 4.21 percent and Spain’s dropped six basis points to 4.62 percent. The euro strengthened 0.2 percent to $1.3055. Copper slumped 1.4 percent.
More than $1 trillion has been erased from the value of equities worldwide this week as concern deepened the global recovery was weakening and companies from Bank of America Corp. to Textron Inc. reported disappointing results. Finance ministers from around the world prepared to gather in Washington to discuss policies to support the economy and strengthen financial systems. Spain sold 4.71 billion euros ($6.14 billion) of bonds, more than its maximum target of 4.5 billion euros.
“It’s an important earnings season, with market participants trying to see if corporate earnings and forecasts are going to be in line with the weakening global macro data,” Serge Berger, a Zurich-based trader at Blue Oak Advisors LLC, said in a phone interview.
Three shares gained for each one that fell in the Stoxx 600 (SXXP), as the gauge rebounded from the lowest close this year. The index tumbled 3.8 percent in the previous four days, the most since a 4.4 percent slump ended July 25….”
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