Declines by mining shares and automakers left Europe's Dow Jones Stoxx 600 Index little changed, up 0.1 percent at 197.79 at 12:55 p.m. in London even as two stocks rose for every one that fell. The gauge yesterday rallied the most in six weeks after the U.S. government guaranteed $306 billion of troubled Citigroup assets and lawmakers pledged a stimulus package for the world's largest economy.
National benchmark indexes rose in 12 of the 18 markets in western Europe. The FTSE 100 gained 0.2 percent, with BHP Billiton Ltd. rallying more than 13 percent after pulling its bid for Rio Tinto Group. Germany's DAX slipped 0.5 percent. France's CAC 40 increased 0.2 percent.
Japan stocks climbed the most in two weeks, led by real estate and financial companies, on speculation the U.S. government’s rescue of Citigroup Inc. will calm credit market turmoil and foster lending growth. The Nikkei 225 Stock Average rose 413.14, or 5.2 percent, to close at 8,323.93 in Tokyo.
Australia’s benchmark stock index rose the most in 11 years as the U.S. government’s rescue of Citigroup Inc. boosted confidence in the global financial system. The S&P/ASX 200 Index climbed for a third-straight day, gaining 198.30 points, or 5.8 percent, to 3,623.40 at the close in Sydney, the most since Oct. 29, 1997.
Indian stocks declined, with the benchmark index reversing earlier gains, as selling by overseas funds overwhelmed investor optimism about the U.S. government's rescue of Citigroup Inc. India's benchmark Bombay Stock Exchange Sensitive Index, or Sensex, fell 207.59, or 2.3 percent, to 8,695.53.