European stocks increase, led by BHP Billiton
Friday, 12 October 2007
LONDON, Oct 11 (Bloomberg): European stocks gained for a third day, led by mining and energy stocks, following a rally in copper and oil prices.
BHP Billiton Ltd., the world's biggest mining company, and BG Group Plc, the largest British natural-gas producer, advanced. Telefonica SA led telecommunication stocks higher after Europe's second-largest phone company moved forward a plan to double its dividend and pledged to increase annual sales.
The Dow Jones Stoxx 600 Index added 0.2 per cent to 389.09 as of 8:43 a.m. in London. The Stoxx 50 also climbed 0.2 per cent, as did the Euro Stoxx 50, a measure for the euro region.
``Commodities have been a key investment theme for us,'' said Ed Wallace, who helps manage $3 billion in global equities at Gartmore Investment Management in London. ``We see strength in commodity prices over the longer term because of strong demand and constraints on supply.''
Asian stocks advanced, led by energy producers and shipping lines, after crude oil climbed above $81 a barrel and cargo rates rose to a record. US equities retreated yesterday on growing concern that earnings will trail estimates. The Dow Jones Industrial Average posted its biggest drop in a month.
BHP Billiton Ltd., the world's biggest mining company, and BG Group Plc, the largest British natural-gas producer, advanced. Telefonica SA led telecommunication stocks higher after Europe's second-largest phone company moved forward a plan to double its dividend and pledged to increase annual sales.
The Dow Jones Stoxx 600 Index added 0.2 per cent to 389.09 as of 8:43 a.m. in London. The Stoxx 50 also climbed 0.2 per cent, as did the Euro Stoxx 50, a measure for the euro region.
``Commodities have been a key investment theme for us,'' said Ed Wallace, who helps manage $3 billion in global equities at Gartmore Investment Management in London. ``We see strength in commodity prices over the longer term because of strong demand and constraints on supply.''
Asian stocks advanced, led by energy producers and shipping lines, after crude oil climbed above $81 a barrel and cargo rates rose to a record. US equities retreated yesterday on growing concern that earnings will trail estimates. The Dow Jones Industrial Average posted its biggest drop in a month.