European stocks rise the most in more than six weeks

On Wednesday European stocks rose the most in more than six weeks, rebounding from a two-day loss, as the region’s central banks entered their third day of buying sovereign bonds and a weaker euro boosted exporters.

The Stoxx Europe 600 Index added 1.3 percent to 394.86 at 11:30 a.m. in London. Automakers led gains as the single currency traded at a 12-year low and headed for a record quarterly drop. France’s CAC 40 Index and Germany’s DAX Index posted the biggest gains of 18 western-European markets.

Euro-area central banks have bought German, Belgian, French, Italian and Spanish bonds this week, sending borrowing costs across Europe to record lows. The purchases are part of the European Central Bank’s asset-buying program, known as quantitative easing. ECB President Mario Draghi said today that they will push inflation in the euro area back toward its goal.

The Stoxx 600 had lost 1.2 per- cent since closing at a sevenyear high on March 6 as energy shares slid, and concern grew the Federal Reserve is nearing an interest-rate increase.

Asian stocks fell after Chinese industrial output data showed the slowest start to a year since 2009 and amid speculation the Federal Reserve is moving closer to raising interest rates. The MSCI Asia Pacific Index retreated 0.4 percent to 142.25 as of 4:08 p.m. in Hong Kong. Data showed China’s industrial output and retail sales missed estimates in the January-February period, suggesting more stimulus may be needed to bolster slowing mainland growth.

Emerging-market stocks headed for the longest losing streak since September. The MSCI Emerging Markets Index slid 0.3 percent to 940.75 at 8:06 a.m. in London, its ninth day of losses.

Gold fell for an eighth day in the longest run of losses in six years as a stronger dollar cut demand for the metal. Platinum touched the lowest since 2009.