Market news
01.10.2012, 17:19

European stocks advanced

 

 

European stocks advanced the most in more than three weeks as test results showed the stress to the Spanish banking system was less than estimated and as U.S. manufacturing expanded for the first time in four months. Spain’s banks have a capital deficit of 59.3 billion euros ($76 billion), stress tests conducted by New York-based management consultancy Oliver Wyman showed last weekend. That was less than the 62 billion euros Wyman estimated in June that the lenders would need.

Spain commissioned the stress test as part of terms to obtain a European bailout of as much as 100 billion euros for its banks after more than 180 billion euros of losses linked to real-estate loans. Wyman tested the banks’ ability to handle an extreme scenario -- a three-year economic contraction -- even as the government debated whether to seek a wider rescue package.

Credit Agricole SA rose 7.8 percent after starting talks to sell its unprofitable Greek unit.

International Consolidated Airlines Group SA climbed 3.4 percent after the International Air Transport Association raised its 2012 global airline-profit forecast.

Banco Popular Espanol SA slumped the most in two months after announcing a capital-increase plan.

FTSE 100 5,820.48 +78.41 +1.37%, CAC 40 3,433.6 +78.78 +2.35%, DAX 7,328.14 +111.99 +1.55%


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