European Stocks Extend Three-Week High as Altice, UBS Advance

A jump in telecommunication shares and banks pushed European stocks up for a third day.

Altice SA climbed 12 percent on deals activity, while Vodafone Group Plc rose 5.4 percent after Liberty Global Plc Chairman John Malone said a tie-up with the U.K. phone company would be a “great fit” for his cable empire. UBS Group AG gained 3.2 percent and Barclays Plc advanced 3.4 percent after agreeing to pay fines to settle probes into interest-rate rigging.

The Stoxx Europe 600 Index rose 0.4 percent to 406.42 at the close of trading in London, after falling as much as 0.3 percent earlier. The gauge rallied 1.7 percent on Tuesday as the euro weakened after Executive Board member Benoit Coeure said the European Central Bank will increase bond buying in May and June. Now investors are waiting for the release of minutes from the Federal Reserve’s last meeting after the European market close.

The ECB’s quantitative-easing program helped push the Stoxx 600 up as much as 21 percent this year through a record in April as carmakers led the rally. The index then lost 6.1 percent through May 6 as the euro strengthened, before it rebounded 4.6 percent.

Source: Bloomberg

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