Barclays Plc and Siemens AG rallied more than 4 percent. President-elect Barack Obama yesterday picked former Federal Reserve Chairman Paul Volcker to head an economic advisory board and said he will implement a plan to bolster growth on day one.” Air Berlin Plc advanced 15 percent after posting a better- than-estimated 43 percent jump in third-quarter profit.
The Stoxx 600 added 2.4 percent to 203.62, extending this week’s gain to 12 percent. The index is still down 44 percent in 2008, headed for its worst year since records began in 1987, as economies from Germany and the U.K. to the U.S. slip into recession.
Stocks rallied worldwide this week after China cut borrowing costs by the most in 11 years and the Federal Reserve’s pledge to buy $600 billion of debt sent mortgage rates down by the most in at least seven years.
Citigroup Inc. has jumped 87 percent since the U.S. government injected $20 billion of capital into the bank at the start of the week and guaranteed $306 billion of its mortgages and other troubled loans.
National benchmark indexes rose in all 18 western European markets today. The FTSE 100 gained 1.8 percent. Germany’s DAX added 2.3 percent as Allianz SE and Daimler AG advanced. France’s CAC 40 increased 2.5 percent, led higher by BNP Paribas SA.