European Stocks Rebound as Market Waits for U.S. Manufacturing Report


European Stocks Rebound as Market Waits for U.S. Manufacturing ReportEuropean stocks reversed their monthly decline, as the market waited for the data on U.S. manufacturing.

French train and power equipment giant Alstom SA rose 7 percent to 2.121 euros, its highest level since November, after it reached a deal to sell its auxiliary components division to Triton for 730 million euros ($1 billion).

Metso Oyj rose 18 percent to 28.09 euros following a Times report that said that Weir Group Plc is willing to pay the Finnish operation for as much as 30 euros a share. The firms have been holding informal discussions over the matter, according to unnamed sources.


ICAP, the world’s largest interbank transactions handler, surged 2.9 percent to 388.7 pence after it forecasted full-year earnings of between 266 million pounds ($443 million) and 280 million pounds, which will match analysts’ expectations. This is despite the fact that sales of its broking division plunged 14 percent in the last two months, compared to a year earlier.

The Stoxx Europe 600 Index rose 0.3 percent to 335.36 as of 10.20 a.m. in London trade, after plunging 1.1 percent last month over Ukraine-Russia tensions. S&P 500 Index futures rose 0.1 percent on Tuesday, while the MSCI Asia Pacific Index grew 0.3 percent.

BHP Billiton Ltd rose 2.8 percent to 1,895.5 after it indicated it will restructure its operations to concentrate on petroleum, copper, coal and iron ore. Aberdeen Asset Management Plc rose 6.5 percent to 415.6 pence after it announced more cost cuts and 1.2 billion pounds ($2 billion) in new funds last month.

Babcock International surged 3.9 percent to 1,400 pence after it was listed as the preferred bidder for the award of a 21-year contract to oversee London Fire Brigade’s fleet. This prompted Panmure Gordon & Co to revise its outlook for Babcock from buy to hold.

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