European Stocks Climb as U.S. Payrolls Beat Estimates
European stocks advanced as a report showed U.S. employment increased more in May than forecast.
The Stoxx 600 climbed 0.3 percent to 292.44 at 1:33 p.m. in London. The benchmark gauge is still heading for a weekly decline of 2.9 percent amid growing speculation the Federal Reserve will scale back monetary stimulus measures as soon as September.
U.S. payrolls rose 175,000 last month after a revised 149,000 increase in April that was smaller than first estimated, Labor Department figures showed today in Washington. The median forecast in a Bloomberg survey called for a 163,000 gain. The unemployment rate rose to 7.6 percent from 7.5 percent.
Fed Chairman Ben S. Bernanke in May suggested the central bank could curtail its bond buying if the job market improves in a “real and sustainable way.”
In Germany, the Bundesbank cut its forecasts for growth in Europe’s largest economy for this year and next. The Frankfurt-based central bank reduced its 2013 growth projection to 0.3 percent from the 0.4 percent predicted in December, and said the economy would expand by 1.5 percent in 2014, compared with the previous estimate of 1.9 percent.
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