European Stocks Climb on Spain Bailout Speculation
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European stocks climbed, halting a four-day decline for the benchmark Stoxx Europe 600 Index, as yields on benchmark Spanish bonds slipped amid speculation that the country’s government will soon ask for a bailout.
Italian and Spanish lenders rallied as Intesa Sanpaolo SpA jumped 5.2 percent after reporting that operating profit surged in the third quarter. EON AG slumped 12 percent after Germany’s biggest utility lowered its earnings forecast for 2013. Vodafone Group Plc slid 2.5 percent after the world’s second-largest mobile-phone company took a $9.4-billion writedown for its operations in Spain and Italy.