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European stocks climbed
European stocks climbed for the fourth time in five days as U.S. employment and growth data exceeded forecasts and German lawmakers backed an enhanced euro- region rescue fund.
BNP Paribas SA and UBS AG (UBSN) led gains in banking shares, rallying more than 3 percent. Hennes & Mauritz AB (HMB) surged 6.8 percent after Europe’s second-largest clothing retailer reported earnings that beat estimates. Swatch Group AG (UHR) led luxury-goods makers lower as a Bloomberg survey showed most global investors predict Chinese growth will slow to less than 5 percent by 2016.
The Stoxx Europe 600 Index climbed 0.7 percent to 228.9 at 4:43 p.m. in London after swinging between gains and losses at least 15 times. The measure is heading for its worst quarter since 2008, having fallen 16 percent amid concern global economic growth is slowing and policy makers are struggling to contain the European debt crisis. The gauge has dropped 3.6 percent this month following a 10 percent slump in August.
National benchmark indexes climbed in 16 of the 18 western European markets. Germany’s DAX and France’s CAC 40 advanced 1.1 percent. The U.K.’s FTSE 100 declined 0.4 percent as mining companies fell.
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