EUROPE

The Star Early Edition - - MARKETS -

ERIC­S­SON’S cost-cut­ting plan and KBC Groep’s bet­ter-than-es­ti­mated earn­ings helped Euro­pean stocks re­bound from an in­tra­day drop led by en­ergy pro­duc­ers and util­i­ties.

The Stoxx Europe 600 in­dex gained 0.2 per­cent to 335.86 at the close of trad­ing, after ris­ing as much as 0.6 per­cent and fall­ing as much as 0.4 per­cent. The gauge tum­bled 1.1 per­cent yes­ter­day, the big­gest slide in four weeks, as banks re­treated amid con­cern that pros­e­cu­tions and penal­ties will widen in a probe into the rig­ging of ex­change rate bench­marks.

“Mar­kets are con­cen­trat­ing on company news at the mo­ment, rather than macroe­co­nomic or geopo­lit­i­cal news,” Her­bert Perus at Raif­feisen Cap­i­tal Man­age­ment said. “Stocks of com­pa­nies with good num­bers are pro­ceed­ing higher and those with bad num­bers are un­der­per­form­ing. This is a good sign for nor­mal­i­sa­tion of mar­ket-par­tic­i­pant be­hav­iour.” The Stoxx 600 has re­bounded 8.3 per­cent from this year’s low on Oc­to­ber 16. – Bloomberg

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