European shares close to one-month high
On Friday European shares hovered near a one-month high, set for their longest streak of weekly gains since July.
The Stoxx Europe 600 Index rose less than 0.1 percent at 10:47 a.m. in London, taking its advance for the week to 0.8 percent, as the number of its shares changing hands was more than 40 percent lower than the 30day average. Actelion Ltd. led a rally in health-care shares, surging 13 percent after people familiar with the matter said Johnson & Johnson has approached the Swiss drugmaker about a potential takeover.
On Friday, defensive companies climbed, with consumer stocks leading the Stoxx 600. Lindt & Spruengli AG and Nestle SA gained more than 1.7 percent, sending the Swiss Market Index up 1 percent, the biggest advance among western-European markets.
Consumers and businesses increased their spending in the third quarter as the U.K. economy registered a resilient performance following the Brexit vote.
Household spending rose 0.7 percent from the second quarter and business investment increased 0.9 percent, the Office for National Statistics said on Friday. Growth overall was unrevised at 0.5 percent, with trade providing the strongest contribution. A separate report from the Confederation of British Industry showed retail sales grew at their fastest annual pace in more than a year in November.
Asian stocks headed for the first weekly advance this month as a weaker yen spurred gains in Japanese shares and optimism grew that the U.S. economy will be able to cope with higher borrowing costs. The MSCI Asia Pacific Index rose 0.7 percent to 135.85 as of 4:10 p.m. in Hong Kong, with commodity producers surging the most this week among industry groups. Japanese shares stretched their rally to levels unseen since the Bank of Japan introduced negative interest rates in January.
This article was compiled by BOV Asset Management Limited, a member of the BOV Group. BOV Asset Management,TG Complex, Suite 2, Level 3, Brewery Str., Mriehel BKR 3000. Email: firstname.lastname@example.org Internet address: www.bovassetmanagement.com. BOV Asset Management is licensed by the MFSA.