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Europe: Stocks set for longest streak without losses in a year
[LONDON] European stocks advanced across industry groups and regional markets, heading for a sixth straight day without losses.
The Stoxx Europe 600 Index added 0.6 per cent at 8:21am in London. The benchmark traded in a range of about six points in the past five sessions, after concerns about the health of Deutsche Bank AG sent shares tumbling on Sept 26. German markets reopened after a holiday, with the DAX Index rising 0.5 per cent on Tuesday.
The UK's FTSE 100 Index opened above the 7,000 level for the first time in 16 months as the pound tumbled to a three-decade low, even weaker than the level it had reached in the aftermath of the Brexit vote. Gains in exporters boosted the equity gauge by 0.8 per cent on Tuesday, to within one per cent of a record last reached in April 2015.
The Stoxx 600 is entering the final three months of the year after its first quarterly advance of the year. After jumping as much as 14 per cent from a June low through the beginning of September, the Stoxx 600's rebound lost steam last month as worries about the health of Europe's banking sector took hold.
Investors are also awaiting US economic releases for cues on the trajectory of borrowing costs, after weaker-than-forecast manufacturing data and hawkish comments from a Federal Reserve official boosted bets for a rate hike this year.