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Europe: Stocks up as investors assess value in volatile quarter
[FRANKFURT] European stocks advanced, rebounding from Tuesday's decline, as investors paused to assess value in what is heading for the worst quarter in four years.
The Stoxx Europe 600 Index jumped 1.8 per cent to 345.43 at 8:07 am in London. Shares slid on Tuesday, as concern over a slowdown in Asia and uncertainty over the Federal Reserve's actions continued to weigh on investor sentiment and stoke volatility. The equity benchmark has fallen 9.4 per cent in the third quarter, heading for its worst performance since 2011. It's also poised for its first back-to-back monthly drop in more than a year.
Investors will also look to economic reports today for indications of the strength of the region's economy. Euro-area unemployment was unchanged at 10.9 per cent in August, while consumer prices rose 0.9 per cent in September from a year earlier, according to economist forecasts.
Among stocks active on corporate news, Rio Tinto Group rose 3.2 per cent after the world's second-biggest mining company agreed to sell its 40 per cent stake in the Bengalla coal venture in Australia to New Hope Corp. for $606 million. J Sainsbury Plc soared 10 per cent after the UK grocer said full-year adjusted profit may be moderately ahead of consensus estimates.