“Most European stocks rose, sending the benchmark StoxxEurope 600 Index higher for a third day, as investors speculated that the Federal Reserve will maintain its stimulus and BP Plc (BP/) rose in London trading. U.S. index futures slipped, while Asian shares were little changed.
BP advanced after the oil company reached a settlement with a unit of Mitsui & Co., one of its partners on the Macondo well.Micro Focus International Plc (MCRO) rallied 4.9 percent following a report that Advent International Corp. may buy the U.K. software producer.Mitchells & Butlers Plc (MAB), the British owner of Harvester and Toby Carvery pubs and restaurants, sank 5.2 percent after posting reduced fiscal first-half profit.
The Stoxx 600 increased 0.1 percent to 280.34 at 12:05 p.m. in London, heading for a weekly decline of 0.1 percent. Four stocks rose for every three that fell. The gauge advanced 0.7 percent yesterday as companies from Glencore International Plc to LinkedIn Corp. held initial public offerings. Even so, the measure has fallen 3.7 percent since this year’s high on Feb. 17.
“Valuations are cheap and extremely attractive compared with government or corporate bonds,” said Ian Richards, an equity strategist at Royal Bank of Scotland Plc in London. “The economic growth outlook is still okay and the U.S. and European countries are progressively addressing the structural debt problems.”
The benchmark MSCI Asia Pacific Index gained less than 0.1 percent, while futures on the Standard & Poor’s 500 Index expiring in June slipped 0.3 percent.”
If you enjoy the content at iBankCoin, please follow us on Twitter
