Sun, Aug 16, 2015 - Page 15 News List

Europe carmakers rise as miners fall, stocks drop

Bloomberg

Carmakers and real-estate companies led European stocks higher on Friday, paring their first weekly decline in three.

Auto-related shares rose the most among 19 industry groups, with Porsche SE climbing 2.4 percent after its board members were said to be cleared in a probe over a failed attempt to take over Volkswagen AG. French shopping-mall operator Klepierre SA added 2.5 percent. Commodity stocks retreated, with Glencore PLC falling 1 percent.

The STOXX Europe 600 Index advanced 0.4 percent to 388.12 at 8:32am in London, heading for a weekly drop of 2.3 percent.

The gauge posted its biggest two-day loss of the year earlier this week after China devalued its currency, before rebounding 1 percent yesterday. It has retreated 6.3 percent since an April record. The yuan stabilized on Friday after China’s central bank raised its reference rate and said it will intervene to prevent excessive swings.

In European news, Greek lawmakers approved a third bailout package in Athens, a vote tally showed.

Separately, data showed Germany’s economy grew at a slower-than-forecast pace in the second quarter, while France’s stagnated, compared with economists’ projections for 0.2 percent growth.

Among stocks moving on corporate news, Swiss Life Holding AG climbed 1.5 percent after posting first-half net income that beat estimates. Schindler Holding AG rose 0.9 percent after posting an increase in first-half profit.

Energy shares fell.

BP PLC declined 0.9 percent as it faces penalties after a US judge concluded that the energy producer manipulated markets in Texas in 2008.

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