European stocks rose for a fourth straight week as European leaders agreed on a Greek rescue proposal, putting the IMF on standby.
EFG Eurobank Ergasias SA and Alpha Bank SA led gains as governments reached an agreement to help Greece cut its budget deficit. Hochtief AG and Next PLC rose after reporting earnings that topped analysts’ estimates. Infineon Technologies AG climbed 14 percent as the European semiconductor maker said this week it sees increasing demand across all units. Stora Enso Oyj and UPM-Kymmene Oyj led gains in basic-resource stocks as Bank of America Merrill Lynch Global Research raised its recommendations on Europe’s two largest papermakers.
The STOXX Europe 600 Index gained 1.3 percent to 263.58, a fourth straight weekly advance. The measure has gained 7.2 percent so far this month amid optimism the EU will help Greece rein in Europe’s biggest budget deficit and as the US Federal Reserve pledged to maintain record-low borrowing costs for an extended period. The gauge has surged 67 percent since March 9 last year as governments and central banks around the world maintained low interest rates and committed more than US$12 trillion to stimulate the economy.
“Generally the market has accepted the Greek matter and we have an agreement now, which at least in the short term will have a positive effect on markets,” said Raimund Saxinger, a fund manager at Frankfurt Trust, which oversees about US$22 billion.
National benchmark indexes rose in 17 of 18 western European markets. The UK’s FTSE 100 rose 0.9 percent and Germany’s DAX advanced 2.3 percent, while France’s CAC 40 increased 1.6 percent. Greece’s ASE Index jumped 4.8 percent as banks led gains.
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