European Stocks Rally for Third Week on China, U.S. Budget Talks
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European stocks rallied for a third week, climbing to an 18-month high, amid increasing optimism that China’s economy will sustain its recovery and U.S. lawmakers will reach a compromise to avoid a fiscal deadlock.
Rio Tinto Group led commodity shares higher. Nokia Oyj gained 14 percent after winning a deal to sell its flagship smartphone in China. European Aeronautic, Defence & Space Co. jumped 15 percent after announcing a new shareholder structure and unveiling a share buyback. GDF Suez SA slid to a record low after saying earnings will decline next year.