European stocks climbed for a fifth straight week, the longest stretch of gains since October 2007, as speculation grew the worst of the credit crisis is over and government measures will succeed in reviving the global economy.
HSBC Holdings PLC, UniCredit SpA and Natixis SA rallied more than 9 percent after Wells Fargo & Co reported a record first-quarter profit that beat the most optimistic Wall Street estimates. Daimler AG, the world’s second-largest maker of luxury cars, rose 3.6 percent after saying it anticipates a profit improvement and the German government agreed to more than triple payments to buyers of new low-emission vehicles.
The Dow Jones STOXX 600 Index added 1 percent to 188.06. The index has rebounded 19 percent since reaching a 12-year low on March 9 as banks from Barclays PLC to Citigroup Inc signaled they had a positive start to the year and Treasury Secretary Timothy Geithner unveiled plans to finance the purchase of as much as US$1 trillion in lenders’ toxic assets.
National indexes rose in 14 of the 18 western European markets in the holiday-shortened trading week. Germany’s DAX Index climbed 2.4 percent. France’s CAC 40 added 0.5 percent, while the UK’s FTSE 100 slipped 1.1 percent.
The Bank of England left its benchmark interest rate unchanged at a record low of 0.5 percent and said it would keep buying government bonds to fight the deepest recession in a generation.
Analysts expect profits for companies in the STOXX 600 to climb 22 percent on average this year with financial firms leading the growth, estimates compiled by Bloomberg show.
Goldman Sachs Group Inc said in a report dated Wednesday that investors should favor manufacturing, technology and other industries that rely on economic growth as the recession eases.
The Central Weather Administration (CWA) yesterday said it expected to issue a sea warning for Typhoon Fung-Wong tomorrow, which it said would possibly make landfall near central Taiwan. As of 2am yesterday, Fung-Wong was about 1,760km southeast of Oluanpi (鵝鑾鼻), Taiwan’s southernmost point, moving west-northwest at 26kph. It is forecast to reach Luzon in the northern Philippines by tomorrow, the CWA said. After entering the South China Sea, Typhoon Fung-Wong is likely to turn northward toward Taiwan, CWA forecaster Chang Chun-yao (張峻堯) said, adding that it would likely make landfall near central Taiwan. The CWA expects to issue a land
The Central Weather Administration (CWA) yesterday said it is expected to issue a sea warning for Typhoon Fung-wong this afternoon and a land warning tomorrow. As of 1pm, the storm was about 1,070km southeast of Oluanpi (鵝鑾鼻), Taiwan’s southernmost point, and was moving west-northwest at 28 to 32kph, according to CWA data. The storm had a radius of 250km, with maximum sustained winds of 173kph and gusts reaching 209kph, the CWA added. The storm is forecast to pass near Luzon in the Philippines before entering the South China Sea and potentially turning northward toward Taiwan, the CWA said. CWA forecaster Chang Chun-yao (張峻堯) said
PREPARATION: Ferry lines and flights were canceled ahead of only the second storm to hit the nation in November, while many areas canceled classes and work Authorities yesterday evacuated more than 3,000 people ahead of approaching Tropical Storm Fung-wong, which is expected to make landfall between Kaohsiung and Pingtung County this evening. Fung-wong was yesterday morning downgraded from a typhoon to a tropical storm as it approached the nation’s southwest coast, the Central Weather Administration (CWA) said, as it issued a land alert for the storm. The alert applies to residents in Tainan, Kaohsiung, Pingtung and Taitung counties, and the Hengchun Peninsula (恆春). As of press time last night, Taichung, Tainan, Kaohsiung, and Yilan, Miaoli, Changhua, Yunlin, Pingtung and Penghu counties, as well as Chiayi city and county had
The Central Weather Administration (CWA) yesterday issued a sea alert for Typhoon Fung-wong (鳳凰) as it threatened vessels operating in waters off the Pratas Islands (Dongsha Islands, 東沙群島), the Bashi Channel and south of the Taiwan Strait. A land alert is expected to be announced some time between late last night and early this morning, the CWA said. As of press time last night, Taoyuan, as well as Yilan, Hualien and Penghu counties had declared today a typhoon day, canceling work and classes. Except for a few select districts in Taipei and New Taipei City, all other areas and city
RSS