European Stocks Climb to Three-Week High as Investors Watch Fed
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European stocks rose to a three-week high, completing their biggest weekly gain since April, as investors bet that any tapering of Federal Reserve stimulus will be more gradual than previously anticipated.
RWE AG and E.ON SE rallied as a study by a German government adviser fueled speculation of higher electricity prices. Sonova Holding AG, the world’s biggest maker of hearing aids, and Enel SpA, Italy’s biggest utility, each rallied at least 3.5 percent after UBS AG upgraded the shares. ProSiebenSat.1 Media AG dropped 1.1 percent as Telegraaf Media Groep NV sold its stake in the German broadcaster.