(BN) Europe Stocks Rise First Time in Seven Days as Oil Shares Rally

(BN) Europe Stocks Rise First Time in Seven Days as Oil Shares Rally

Ion-Marc Valahu answers Bloomberg – 16.12.2014

“Investors are looking at the levels we’ve reached and appear to have decided to do a little shopping and fill up their portfolios for year-end,"Said Ion-Marc Valahu, a co-founder and fund manager at Clairinvest in Geneva. “This morning was pretty fearsome on the European markets. So if we can in the next couple of days find a bottom in the market, we should then slowly make our way up until the end of the year.”

 

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Europe Stocks Rise First Time in Seven Days as Oil Shares Rally
2014-12-16 17:01:58.417 GMT

By Jonathan Morgan
(Bloomberg) — After fluctuating between gains and losses all day, European stocks ended up posting their biggest jump since Dec. 5, snapping six days of losses.
The Stoxx Europe 600 Index added 1.7 percent to 328.88, halting its biggest slump in more than three years. The gauge earlier fell as much as 1.3 percent as factory data from China and France missed economists’ forecasts. Energy producers rose for the first time in seven days, with Royal Dutch Shell Plc and BG Group Plc climbing more than 4 percent. Automakers advanced as European car sales increased in November.
“Investors are looking at the levels we’ve reached and appear to have decided to do a little shopping and fill up their portfolios for year-end,"Said Ion-Marc Valahu, a co-founder and fund manager at Clairinvest in Geneva. “This morning was pretty fearsome on the European markets. So if we can in the next couple of days find a bottom in the market, we should then slowly make our way up until the end of the year.”
After rising 13 percent from this year’s low to an almost seven-year high on Dec. 5, the Stoxx 600 slumped with oil prices, closing yesterday at its lowest level since Oct. 20 and erasing gains for 2014. Now it’s up 0.2 percent for the year.
Gauges of commodity and energy companies were the best performers among 19 industry groups in the index. Oil-and-gas stocks tumbled yesterday to the lowest level since April 2009, while miners had dropped for eight straight days, posting their biggest slump since November 2011.

Daimler, Continental

Daimler AG gained 4 percent and Continental AG added 3.6 percent, pushing an index of automakers higher. European registrations rose 1.2 percent to 989,457 vehicles last month from 977,607 a year earlier, the European Automobile Manufacturers’ Association said. Eleven-month sales increased
5.5 percent to 12 million cars.
Orange SA rose 3.7 percent and Deutsche Telekom AG added
3.1 percent after BT Group Plc started exclusive talks to acquire EE, their British wireless venture.
Italy’s FTSE MIB Index rallied 3.3 percent, rebounding from a one-yer low and posting the biggest gain among 18 western- European markets. Germany’s DAX Index climbed 2.5 percent after its biggest two-day loss since November 2011.
The OBX Index slid 1.1 percent after the Norwegian krone dropped to parity with the Swedish krona for the first time since 2000. Norway is western Europe’s biggest oil-producing nation.

For Related News and Information:
Developed Markets View: DMMV
World Stock Indexes: WEI
Stoxx 600 Market Map: SXXP IMAP Top Stories on Stocks: TOP STK Equity Screening: EQS
Graphing: GRAPH
Feature Stories on Stocks: TNI STK GREET

To contact the reporter on this story:
Jonathan Morgan in Frankfurt at +49-69-92041-207 or jmorgan157@bloomberg.net To contact the editors responsible for this story:
Cecile Vannucci at +44-20-3525-7032 or
cvannucci1@bloomberg.net
Namitha Jagadeesh