Most Europe Stocks Gain


Most stocks rose in Europe and the Standard & Poor's 500 Index was poised to rebound from its lowest level 11 years buoyed by speculation Citigroup Inc. may be up for sale and a rally in commodity shares.

Citigroup rallied 11 percent. UBS AG, Switzerland's biggest bank, and Deutsche Bank AG jumped more than 5 percent. BHP Billiton Ltd. climbed 8.3 percent after mining shares fell to their lowest price relative to earnings since records began in 1995. Dell Inc., the second-largest personal-computer maker, advanced 4.6 percent on better-than-expected earnings.

The MSCI World Index added 0.7 percent to 776.86 at 12:55 p.m. in London, trimming this week's decline to 12 percent. A retreat by European drugmakers and utilities left the Stoxx 600 little changed, up less than 0.1 percent, even as seven stocks rose for every five that fell. The MSCI Asia Pacific Index increased 3.2 percent.

Japan stocks rose, reversing a morning drop and paring a weekly decline, after investors pounced on shares trading near the lowest in almost three decades and a newspaper reported Citigroup Inc. may be sold. The Nikkei 225 climbed 207.75, or 2.7 percent, to close at 7,910.79 in Tokyo, reversing a 3.9 percent tumble in the morning session that brought the gauge within 243 points from the lowest close since 1982.

Australia's benchmark stock index rebounded from a five-year low, led by financial and resources companies. The S&P/ASX 200 index added 1.9 percent to 3,416.50 after earlier plummeting to the lowest since December 2003 as global markets slumped on reports showing the U.S. economy is worsening. The index, which declined 8.9 percent this week, has lost 50 percent since its Nov. 1, 2007 record high.

China stocks fell, sending the benchmark CSI 300 Index to a weekly loss, on concern a deepening global recession will stifle profits. The benchmark CSI 300 sank 11.69, or 0.6 percent, to 1,920.73 at the close, capping a 1.2 percent loss for the week.

Indian stocks gained, ending a seven- day, 20 percent decline in the benchmark Sensitive index, as some investors judged recent declines excessive. The Bombay Stock Exchange Sensitive Index, or Sensex, gained 464.20, or 5.5 percent, to 8,915.21. The index posted its second weekly decline, falling 5 percent.


TradingEconomics.com, Bloomberg.com
11/21/2008 5:21:04 AM