Bloomberg News

European Stocks Pare Gains; LSE, Lloyds Rise, Carmakers Retreat

June 30, 2011

June 30 (Bloomberg) -- European stocks pared gains, after the Stoxx Europe 600 Index yesterday posted the biggest rally in three months, as carmakers retreated. Asian equities and U.S. futures advanced.

London Stock Exchange Group Plc jumped 4.7 percent after scrapping its bid for TMX Group Inc. and UBS AG said the bourse may now be a bid target. Lloyds Banking Group Plc surged 8.3 percent after the U.K.’s biggest mortgage lender said it will make savings of 1.5 billion pounds ($2.4 billion) by 2014. BG Group Plc surged 4.4 percent after doubling its estimate of reserves and resources in the Santos Basin in Brazil.

The Stoxx 600 rose less than 0.1 percent to 269.85 at 11:50 a.m. in London. The benchmark measure yesterday advanced 1.7 percent, the largest gain since March 21, after Greek lawmakers approved a package of austerity measures to help secure financial aid. The gauge has lost 2.2 percent this quarter, snapping three quarters of gains, on concern that Greece will fail to repay all its debt.

To contact the editor responsible for this story: Will Hadfield at whadfield@bloomberg.net


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