Carmakers led a fourth day of gains in European stocks, while London Stock Exchange Group Plc jumped amid a bidding war.
The Stoxx Europe 600 Index added 1.4 percent at the close of trading, as all 19 industry groups rose. Since slumping to a 2013 low on Feb. 11, it has rebounded 12 percent amid rallies in banks and oil.
Concern over global-growth prospects, the efficacy of central-bank stimulus, a deepening oil rout and bad loans at banks weighed on investor sentiment earlier this year, dragging the Stoxx 600 into a bear market. That’s also made its companies cheaper. While the recent rebound has pushed up Stoxx 600 valuations to 14.7 times estimated earnings from last month’s low of 13.2, that’s still well below the 16.7 multiple at its peak in April.
Investors are also waiting for direction on monetary policies later this month, with the European Central Bank’s decision due next week and the Federal Reserve meeting on March 16. A report today showed euro-area manufacturing expanded more than forecast in February, while the unemployment rate fell further.
Among other shares active on corporate news, Swiss Life Holding AG rose 5.3 percent after its proposed dividend beat estimates. Rotork Plc jumped 12 percent after accelerating its cost savings program.