European Stocks Rally to their Highest Levels in More than a Month

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European Stocks Rally to their Highest Levels in More than a MonthEuropean shares touched their highest level in more than a month in this week, reversing their earlier losses as confidence data exceeded expectations.

Glasses maker Luxottica Group SpA, which owns Oakley and Ray-Ban brands, rose 9.6 percent, its highest level since May 2009. This is after it announced that it will develop spectacles based on Google’s Glass technology. The Google Glass involves a camera, a small screen and audio on a gadget worn on the eyes.

Salmon processor Marine Harvest surged 8.6 percent after it reached a deal to sell its U.K. assets to Cooke Aquaculture Inc., which will result in higher dividends in the first quarter. Pirelli & C. SpA climbed 6 percent after it posted earnings before interest and taxes amounting to 791 million euros ($1.1 billion) last year, which exceeded analysts’ estimates in a Bloomberg survey.

Prudential Plc fell 4.3 percent, while Resolution Ltd plunged 6.6 percent and Aviva Plc slid 2.1 percent after the U.K.’s Financial Conduct Authority revealed that it would probe whether unfair charges are levied on life-insurance clients.

Spanish retailer Distribuidora Internacional de Alimentacion SA jumped 7.3 percent on reports that it will divest of its French interests this year.

The Stoxx Europe 600 Index grew 1.8 percent to 333.76 this week, reducing its declines in March to 1.3 percent. The measure, which has surged 1.7 percent so far this year, had earlier plunged in the first two weeks of this month due to tensions over the Ukraine-Russia conflict.

 “There’s optimism in the European markets,” said Ramiro Loureiro, a market analyst with Banco Comercial Portugues’ Millennium division in Lisbon. “The improvement in several confidence indicators spanning many areas of the European economy has naturally motivated investors.”

To contact the reporter of this story; Samuel Rae at samuel@forexminute.com