European shares posted this year’s biggest advance, buoyed by a surprise election win for British Prime Minister David Cameron’s party and improving U.S. jobs data.
The Stoxx Europe 600 Index surged 2.9 percent to 400.16 at the close of trading, up 1.4 percent for the week. The gauge extended gains after data showed the U.S. unemployment rate fell to a six-year low in April, while payrolls climbed 223,000, a faster pace than in March.
The U.K.’s FTSE 100 Index rebounded 2.3 percent from a one-month low after the Conservatives reached the 326-seat threshold necessary to end a coalition with the Liberal Democrats and govern alone. All but two stocks rose.
German and Swiss stocks were among the best performers in western-European markets. The DAX Index climbed 2.7 percent, completing its best week in a month, while the Swiss Market Index added 2.5 percent, ending a three-day decline.
Source : Bloomberg
U.S. stock-index futures fell, following the Standard & Poorâ€™s 500 Indexâ€™s first weekly gain this year, after Greek opposition party Syriza won in Sundayâ€™s election.
Futures on the S&P 500 expiring in March declined 0.3 percent to 2,038.7 at 10:21 a.m. in London. The underlying index rallied 1.6 percent last week after European Central Bank president Mario Draghi said it plans to buy up to 1.14 trillion euros ($ 1.3 trillion) of private and public securities. Dow Jones Industrial Average contracts lost 57 points, or 0.3 percent, to 17,531 today.
Greek equities fell after Syriza, whose leader has pledged to renegotiate the nationâ€™s international bailout, won 149 out of a possible 300 seats in Parliament. Prime Minister-elect Alexis Tsiprasâ€™ mandate is now to confront the nationâ€™s program of austerity, imposed in return for pledges of 240 billion euros in aid since May 2010. His pledges include a writedown of Greek debt while persuading European creditors to keep aid flowing.