The Nikkei 225 Stock Average rose by the most in more than five months after the European Central Bank and international policy makers coordinated to lend dollars to euro-area banks, increasing confidence the region’s debt crisis will be contained.
Mitsubishi UFJ Financial Group Inc. climbed 4.6 percent, leading gains among Japan’s largest lenders.
Canon Inc., a maker of cameras and copiers that counts on Europe for almost a third of its sales, rose 4.3 percent.
Olympus Corp. jumped 7.4 percent after Citigroup Inc. started coverage of the optical-equipment maker with a “buy” rating.
The Nikkei 225 gained 2.3 percent to 8,864.16 at the 3 p.m. close in Tokyo, the biggest advance since March 30. The broader Topix rose 2.2 percent to 768.13 today after central banks took joint action to ensure liquidity to Europe’s lenders.
The Topix rebounded 1.6 percent this week as the leaders of Europe’s biggest economies expressed support for keeping Greece in the union and speculation built that China will help the region’s most indebted nations.
German stocks rose for a fourth day, extending the biggest weekly rally in two years, as speculation mounted that policy makers will provide more support to contain the region’s debt crisis.
Daimler AG led gains on the benchmark DAX Index (DAX), rallying 3.4 percent. EON AG climbed 3.5 percent after JPMorgan Chase & Co. advised buying the shares of Germany’s biggest utility.
The DAX climbed 65.27, or 1.2 percent, to 5,573.51 at the 5:30 p.m. close in Frankfurt. The gauge surged 7.4 percent this week, its largest jump since July 2009. The measure has still plunged 26 percent from this year’s peak on May 2 as the debt crisis spread from Greece to the larger economies of Italy, Spain and France.
Daimler rallied 3.4 percent to 36.40 euros.
EON climbed 3.5 percent to 15.62 euros as JPMorgan upgraded the shares to “overweight” from “neutral,” citing a peak in German political risk, the gas market tightening and details on cost cutting increasing investors’ confidence.
SMA Solar Technology AG (S92) slumped 7.3 percent to 56.13 euros as Jefferies Group Inc. downgraded its recommendation on the shares to “hold” from “buy.”
U.K. stocks gained for a fourth day as European officials met in Poland to discuss how they can expand the new bailout fund for the euro area.
Barclays Plc (BARC) climbed 3.4 percent, extending its biggest weekly advance since February 2010.
BG Group Plc (BG) rose amid speculation a Chinese oil producer may be interested in the company’s Brazilian business. Inmarsat Plc (ISAT) rallied 6.9 percent.
The FTSE 100 Index (UKX) increased 30.87, or 0.6 percent, to 5,368.41 at the 4:30 p.m. close in London, bringing this week’s advance to 3 percent. The FTSE All-Share Index also gained 0.6 percent today, while Ireland’s ISEQ Index rose 1.4 percent.
U.S. stocks advanced for a fifth straight day, giving the Standard & Poor’s 500 Index its longest rally since July, amid optimism that European leaders will make further progress on controlling the region’s debt crisis.
Macy’s Inc. (M) advanced 1.3 percent, pacing gains in retailers, as a report showed that confidence among U.S. consumers rose. Textron Inc. (TXT), Tyco International Ltd. (TYC) and Rockwell Collins Inc. (COL) rallied more than 3.8 percent after a report that United Technologies Corp. is lining up financing for an acquisition. Bank of America Corp. (BAC) and JPMorgan Chase & Co. (JPM) slumped at least 1.7 percent, driving financials lower.
The S&P 500 rose 0.2 percent to 1,211.31 at 2:23 p.m. New York time after slipping as much as 0.4 percent and rising 0.9 percent. The benchmark gauge was up 5 percent since Sept. 9, poised to snap a two-week decline. The Dow Jones Industrial Average added 57.97 points, or 0.5 percent, to 11,491.15.
European finance ministers ruled out efforts to prop up the faltering economy and gave no indication of providing aid for lenders to go along with yesterday’s liquidity lifeline from the ECB. Clashing with Geithner, finance chiefs from the euro region said the 18-month debt crisis leaves no room for tax cuts or extra spending to spur an economy on the brink of stagnation.
The Thomson Reuters/University of Michigan preliminary index of consumer sentiment climbed to 57.8 this month from 55.7 in August. The median estimate of economists called for a reading of 57. The group’s measure of consumer expectations six months from now dropped to the lowest level since May 1980.
Research In Motion Ltd. (RIMM) tumbled 20 percent to $23.76 after missing analysts’ estimates as sales of aging BlackBerry smartphone models slowed and the company shipped fewer PlayBook tablet computers than projected. The company is losing ground in that market to Apple Inc.’s iPhone and devices that use Google Inc.’s Android software. RIM has made little progress with its PlayBook in the tablet computer market, shipping just one device for every 46 iPads that Apple sold in the latest quarter.
Mitsubishi UFJ Financial Group Inc. climbed 4.6 percent, leading gains among Japan’s largest lenders.
Canon Inc., a maker of cameras and copiers that counts on Europe for almost a third of its sales, rose 4.3 percent.
Olympus Corp. jumped 7.4 percent after Citigroup Inc. started coverage of the optical-equipment maker with a “buy” rating.
The Nikkei 225 gained 2.3 percent to 8,864.16 at the 3 p.m. close in Tokyo, the biggest advance since March 30. The broader Topix rose 2.2 percent to 768.13 today after central banks took joint action to ensure liquidity to Europe’s lenders.
The Topix rebounded 1.6 percent this week as the leaders of Europe’s biggest economies expressed support for keeping Greece in the union and speculation built that China will help the region’s most indebted nations.
German stocks rose for a fourth day, extending the biggest weekly rally in two years, as speculation mounted that policy makers will provide more support to contain the region’s debt crisis.
Daimler AG led gains on the benchmark DAX Index (DAX), rallying 3.4 percent. EON AG climbed 3.5 percent after JPMorgan Chase & Co. advised buying the shares of Germany’s biggest utility.
The DAX climbed 65.27, or 1.2 percent, to 5,573.51 at the 5:30 p.m. close in Frankfurt. The gauge surged 7.4 percent this week, its largest jump since July 2009. The measure has still plunged 26 percent from this year’s peak on May 2 as the debt crisis spread from Greece to the larger economies of Italy, Spain and France.
Daimler rallied 3.4 percent to 36.40 euros.
EON climbed 3.5 percent to 15.62 euros as JPMorgan upgraded the shares to “overweight” from “neutral,” citing a peak in German political risk, the gas market tightening and details on cost cutting increasing investors’ confidence.
SMA Solar Technology AG (S92) slumped 7.3 percent to 56.13 euros as Jefferies Group Inc. downgraded its recommendation on the shares to “hold” from “buy.”
U.K. stocks gained for a fourth day as European officials met in Poland to discuss how they can expand the new bailout fund for the euro area.
Barclays Plc (BARC) climbed 3.4 percent, extending its biggest weekly advance since February 2010.
BG Group Plc (BG) rose amid speculation a Chinese oil producer may be interested in the company’s Brazilian business. Inmarsat Plc (ISAT) rallied 6.9 percent.
The FTSE 100 Index (UKX) increased 30.87, or 0.6 percent, to 5,368.41 at the 4:30 p.m. close in London, bringing this week’s advance to 3 percent. The FTSE All-Share Index also gained 0.6 percent today, while Ireland’s ISEQ Index rose 1.4 percent.
U.S. stocks advanced for a fifth straight day, giving the Standard & Poor’s 500 Index its longest rally since July, amid optimism that European leaders will make further progress on controlling the region’s debt crisis.
Macy’s Inc. (M) advanced 1.3 percent, pacing gains in retailers, as a report showed that confidence among U.S. consumers rose. Textron Inc. (TXT), Tyco International Ltd. (TYC) and Rockwell Collins Inc. (COL) rallied more than 3.8 percent after a report that United Technologies Corp. is lining up financing for an acquisition. Bank of America Corp. (BAC) and JPMorgan Chase & Co. (JPM) slumped at least 1.7 percent, driving financials lower.
The S&P 500 rose 0.2 percent to 1,211.31 at 2:23 p.m. New York time after slipping as much as 0.4 percent and rising 0.9 percent. The benchmark gauge was up 5 percent since Sept. 9, poised to snap a two-week decline. The Dow Jones Industrial Average added 57.97 points, or 0.5 percent, to 11,491.15.
European finance ministers ruled out efforts to prop up the faltering economy and gave no indication of providing aid for lenders to go along with yesterday’s liquidity lifeline from the ECB. Clashing with Geithner, finance chiefs from the euro region said the 18-month debt crisis leaves no room for tax cuts or extra spending to spur an economy on the brink of stagnation.
The Thomson Reuters/University of Michigan preliminary index of consumer sentiment climbed to 57.8 this month from 55.7 in August. The median estimate of economists called for a reading of 57. The group’s measure of consumer expectations six months from now dropped to the lowest level since May 1980.
Research In Motion Ltd. (RIMM) tumbled 20 percent to $23.76 after missing analysts’ estimates as sales of aging BlackBerry smartphone models slowed and the company shipped fewer PlayBook tablet computers than projected. The company is losing ground in that market to Apple Inc.’s iPhone and devices that use Google Inc.’s Android software. RIM has made little progress with its PlayBook in the tablet computer market, shipping just one device for every 46 iPads that Apple sold in the latest quarter.