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European stocks climbed, halting a two-day decline, after the Bank of Japan joined the Federal Reserve in opting for further asset purchases to support the economy and housing starts climbed in the U.S.
European stocks climbed after Japan’s central bank unexpectedly expanded its asset-purchase target by 10 trillion yen ($128 billion) as it seeks to avoid a contraction in the world’s third-largest economy.
National benchmark indexes advanced in 14 of the 18 western-European markets. Germany’s DAX added 0.6 percent, France’s CAC 40 gained 0.5 percent, and the U.K.’s FTSE 100 rose 0.4 percent.
Porsche jumped 7.2 percent to 46.30 euros after the Braunschweig Regional Court dismissed the lawsuits. Porsche has faced multiple legal challenges since it disclosed on Oct. 26, 2008 that it controlled 74.1 percent of VW, partly through options, and was seeking to take over the company.
Inditex rose 3.7 percent to 95.31 euros after the owner of the Zara and Massimo Dutti chains reported a 32 percent jump in first-half net income to 944 million euros ($1.23 billion). The average estimate of 13 analysts compiled by Bloomberg had called for profit of 893.5 million euros. Sales for the six months through July gained 17 percent.
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