Forexpros – European stocks surged higher Thursday, as German industrial production climbed more than forecast and the deadline for the Greece debt swap approaches.
At the close of European trade, the EURO STOXX 50 added 2.17%, France’s CAC 40 climbed 2.54%, while Germany’s DAX advanced 2.45%. Meanwhile, in the U.K. the FTSE 100 traded up by 1.18%.
Sparking the rally, German industrial output increased more than forecast in January on increased construction activity.
Production climbed 1.6% from December. Economists were expecting an increase of 1.1% in the euro zone’s largest economy.
In Greek news, about 60% of bond investors have signaled that they will cooperate with the sovereign debt swap deal, increasing hopes that the largest national debt swap in history will prevent a government default.
The swap offer which expires at 10:00 p.m. Athen’s time this evening aims to reduce the EUR206 billion of privately held Greek debt by 53.5%.
EADS, the maker of Airbus jets, climbed 8.6% after agreeing to increase its dividend to USD0.45 per share, doubling last year’s dividend.
Scania and Volvo advanced 6.4% and 4.6% respectively after J.P. Morgan Chase named the truck makers among its top picks.
Gemalto soared 7.3% as the inventor of the smart chip used in bank cards projected increased revenue.
In U.S. midsession trade, stocks are higher with the Dow up 0.43%, the S&P 500 ahead by 0.75% and the Nasdaq Composite surging 0.95%.
On Friday, investors are awaiting U.S. non farm payrolls, Canada’s employment change and French industrial production.
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