Japanese stocks rose by the most in more than two weeks, led by lenders after a report that Mizuho Financial Group Inc. (8411) will merge its banks and as the yen weakened.
Mizuho, Japan’s third-biggest publicly traded lender, gained 3.2 percent. Tokyo Electric Power Co. advanced 2.4 percent after the company announced a revised plan for stabilizing its stricken Fukushima Dai-Ichi nuclear-power plant. Renesas Electronics Corp. (6723) leapt 5.8 percent after the Nikkei newspaper reported the chipmaker that supplies the country’s carmakers will resume operations at a plant damaged by the March 11 quake.
European stocks climbed, snapping the longest losing streak in two months, as Land Securities Group Plc (LAND) led gains in property companies and basic-resource producers rallied with commodities.
Land Securities surged the most in almost two years after the U.K.’s largest real-estate investment trust reported earnings that topped estimates. Antofagasta Plc (ANTO) climbed as copper jumped the most in two months in London. Ageas (AGS) led declining shares as benchmark gauges in the euro region’s peripheral countries fell.
European Central Bank officials today ruled out a Greek debt restructuring, clashing with political leaders over a solution to the sovereign financial crisis. Ministers earlier in the week floated the idea of extending Greece’s debt-repayment schedule as it struggles to meet the terms of its 110 billion- euro ($156 billion) bailout.
Bank of England policy makers voted 6-3 to keep interest rates on hold this month as the majority warned that tightening policy now could damp consumer spending and harm the recovery. The U.S. Federal Reserve was due to release minutes from last month’s policy meeting after the close of European trading.
U.S. stocks rose, snapping a three- day drop for benchmark indexes, as the Federal Reserve signaled low interest rates, commodities rebounded and earnings at companies including Dell Inc. (DELL) beat analysts’ estimates.
Dell, the world’s second-largest computer maker, climbed 5.7 percent as corporate spending helped the company withstand a slump in consumer demand. Teen retailer Abercrombie & Fitch Co. (ANF) added 2.4 percent as profit also beat estimates. Freeport- McMoRan Copper & Gold Inc. and Halliburton Co. (HAL) rose at least 3.7 percent as commodities climbed for the first time in three days amid signs of increasing demand from emerging markets.