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European stocks rally above 4-year high, Standard Chartered soars
The benchmark Stoxx Europe 600 Index advanced 1.28 percent to 292.60, its highest level since August 2008, heading for the the 9 th consecutive month in gains.
Investors around the world will take account of major central banks’ monetary policy decisions on Thursday, with the European Central Bank (ECB), the Bank of England (BOE), and the Bank of Japan (BOJ) are expected to maintain their easy monetary positions this month.
On Monday, U.S. Federal Reserve Vice-Chairman Janet Yellen said that sustaining the central bank’s aggressive monetary stimulus is justified given recently-aroused growth fears, which came in line with Fed Chairman Ben S. Bernanke recent comments that the benefits of the Fed’s $3.1 trillion balance sheet outweigh any potential risks of financial stability.
The Stoxx 50 Europe Index gained 1.51% to 2659.34 points. The French CAC40 advanced 1.3% to 3757.67 points. The British FTSE 100 also gained 0.82% to 6397.76. Frankfurt’s DAX gained 1.61% to 7815.95 points. Data as of 07:28 ET
On earnings front, Standard Chartered surged 2.50% to 1825.00 pounds after it reported pretax profit of $6.88 billion, up from $6.78 billion a year earlier, and also above the median estimate.
Serco Group PLC jumped 7.34% to 621.50 pounds, its biggest jump since 2003, after the U.K. service company posted 6% growth in adjusted pretax profit, and also increased the dividend 20%.
Deutsche Post AG rallied 4.58% to 17.910, after Europe’s largest postal service posted fourth-quarter net-income of 542 million euros, above the median estimate at 482 million euros.