EUROPE

EUROPEAN stocks extended a two-month high, as the DAX index rose for an 11th day after Germany’s jobless rate reached a record low. Energy stocks fell the most in eight weeks after Opec decided to keep its oil-output target.

The Stoxx Europe 600 index climbed 0.4 percent to 347.49 at the close of trading. The DAX rose 0.6 percent, for its longest rally since May 2013, as a report showed the number of people out of work in Germany fell more than analysts had forecast.

The unemployment rate was 6.6 percent, matching the revised number for the previous month. That follows the Ifo institute’s November 24 report showing the nation’s business confidence improved. A separate release yesterday showed economic sentiment in the euro area unexpectedly increased in November.

Optimism that exporters will benefit from a weaker euro has helped boost German shares, with the DAX rising to its highest level since July. – Bloomberg