Bloomberg News

European Stocks Advance After U.S. Jobless Rate Falls to 9%

November 04, 2011

Nov. 4 (Bloomberg) -- European stocks advanced, erasing their earlier losses, after the U.S unemployment rate fell to 9 percent in October.

The benchmark Stoxx Europe 600 Index climbed 0.3 percent to 242.89 at 12.34 p.m. in London.

Earlier, stocks had pared their gains after German factory orders unexpectedly plunged in September as demand from the euro region slumped, adding to signs the region’s debt crisis is damping growth in Europe’s largest economy.

Orders, adjusted for seasonal swings and inflation, fell 4.3 percent from August, when they dropped 1.4 percent, the Economy Ministry in Berlin said today. It’s the third straight month orders have declined. Economists forecast a 0.1 percent increase for September, according to the median of 34 estimates in a Bloomberg News survey. In the year, orders rose 2.4 percent when adjusted for work days.

--With assistance from Sarah Jones in London. Editors: Srinivasan Sivabalan, Andrew Rummer

To contact the reporter on this story: Adria Cimino in Paris at acimino1@bloomberg.net

To contact the editor responsible for this story: Andrew Rummer at arummer@bloomberg.net


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