European stocks rose for a second week, sending the STOXX Europe 600 Index to the highest level in more than seven weeks, as concern eased that Greece would fail to contain the region’s biggest budget deficit.
Volkswagen AG’s preferred shares surged after Europe’s largest carmaker announced funding plans for the takeover of Porsche SE’s carmaking unit. Aixtron AG led technology shares higher after the company forecast higher sales.
The STOXX 600 this week gained 0.5 percent this past week to 258.40, extending last week’s steepest advance since July. The measure retreated for the first two months of this year as concerns mounted over budget deficits in Greece, Spain and Portugal and as China moved to restrict lending and stop its economy overheating. The worst of Greece’s financial crisis is over and other European nations won’t follow in its path, former European Commission president Romano Prodi said in an interview in Shanghai on Wednesday.
“Any signs of a solution to Greece and market tends to rally,” said London-based Henk Potts at Barclays Stockbrokers Ltd in London, which oversees about US$218 billion. “Investors are still waiting for a concrete plan before the market can truly move back to a bullish perspective.”
National benchmark indexes rose in 16 out of 18 western European markets. Germany’s DAX advanced 1.2 percent, France’s CAC 40 added 0.4 percent and the UK’s FTSE 100 rose 0.5 percent. Greece’s ASE Index climbed 1.6 percent, extending last week’s 8.8 percent rally.
Greece may get a 55 billion-euro (US$76 billion) bailout from the EU, Kurier newspaper reported, without saying where it got the information. EU finance ministers will soon discuss whether any Greek bailout should be funded by issuing EU bonds guaranteed by euro region governments, said three people briefed on preparations for meetings tomorrow and on Tuesday.
Greek hospitals, airports and schools were shut and police scuffled with protesters on Thursday as unions staged the second general strike this year against government budget cuts to curb the EU’s biggest deficit.
Volkswagen rallied 10 percent after the carmaker said it would seek shareholder’s approval to sell options or bonds that can be converted into VW preferred stock, reducing the likelihood of a rights offer.
Porsche, the maker of the 911 sports car, jumped 6.6 percent, leading a gauge of auto shares to the biggest gain among 19 industry groups in the STOXX 600 this week.
Aixtron jumped 8.8 percent after the maker of specialized equipment used to produce LED screens posted a 95 percent increase in full-year net income.
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