UK stocks rose on hopes for Greek bailout progress

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Source: Dukascopy Bank SA
© Scanpix/AFP
UK stocks advanced on Thursday on strong PMI data from the eurozone and China. Meanwhile, the market sentiment was also lifted by hopes for progress in talks over Greek bailout. German Chancellor Angela Merkel said that agreement on Greek bailout is still possible after finance ministers resume talks on Monday. The FTSE 100 Index gained 0.6% to trade at 5,786.64. All but one sector within the index climbed. The top-performers were basic materials and consumer goods.  Xstrata and Glencore International extended previous gains after shareholders of Glencore approved a USD33-billion merger with Xstrata.  Shares of Xstrata, Glencore International and Vedanta Resources jumped 3.01%, 2.95% and 2.27%, respectively. Among consumer goods, SABMiller led gains. The company soared 6.3% after reporting upbeat quarterly results. Financials also climbed, with Royal Bank of Scotland Group and Barclays rising 1.04% and 0.46%. At the same time, telecommunications dragged the UK stock index lower. Vodafone Group and BT Group sagged 0.69% and 0.4%.

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Thu, 22 Nov 2012 14:00:00 GMT

German equities climb on upbeat PMI data

German shares rose on Thursday after flash PMI data indicated that the country's manufacturing activity contracted at slower pace this month. However, flash services PMI showed that German services sector shank more-than-expected in November. Easing concerns over Greek bailout after Angela Merkel hinted that the Eurogroup may agree on Greek bailout terms on Monday were supportive for German blue chips.

Thu, 22 Nov 2012 16:22:48 GMT

German private sector contraction eases in November

German private sector halted to slowdown in November according to Markit Economics. Yet, the services activity shrank the most in more than three years this month. The flash composite output index, tracking private sector's performance, including manufacturing and services, advanced to 47.9 in November from 47.7 the prior month. The flash purchasing managers' index increased from 46 in October to

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