15/06/2012 12:00 - European stocks up for first time in three days
On Friday European stocks rose for the first time in three days after the Bank of England announced credit-easing measures, boosting optimism central banks will take steps to stimulate the global economy. U.S. index futures and Asian shares also gained.
Royal Bank of Scotland Group Plc and Barclays Plc led a gauge of lenders higher. Carrefour SA advanced 2.7 percent after agreeing to sell its stake in a Greek joint venture. Imagination Technologies Group Plc a U.K. chip designer in which Apple Inc. holds a minority stake, jumped 8.4 percent.
The Stoxx Europe 600 Index climbed 0.7 percent to 243.62 at in London. The benchmark gauge has declined 11 percent from its high on March 16 amid growing concern that Greece may be forced to leave the euro currency union after the elections on the 17th June.
The Stoxx 600 dropped on Thursday after Moody’s downgraded Spain and Cyprus, while Switzerland’s central bank said Credit Suisse Group AG must boost its capital this year. European stocks may be more volatile than usual today as futures and options contracts on equity indexes expire in a process known as quadruple witching.
BOE Governor Mervyn King said in a speech late on Thursday that the case for more stimulus in the U.K. is growing. He also unveiled two plans to improve cash supply to the banking system.
Asian stocks gained, with the regional benchmark index heading for its biggest weekly advance in almost five months, as optimism that central banks from China to the U.S. will act to stimulate economic growth tempered concerns Europe’s debt crisis will worsen. In Japan the Topix advanced 0.1 percent, extending its weekly advance to 1.2 percent. The Nikkei 225 Stock Average added less than 0.1 percent to 8,569.32.
This article was compiled by Valletta Fund Management Limited, a member of the BOV Group. Valletta Fund Management, TG Complex, Suite 2, Level 3, Brewery Str., Mriehel BKR 3000.Freephone: 80072344. email: firstname.lastname@example.org Internet address: www.vfm.com.mt.Valletta Fund Management Limited is licensed by the MFSA.