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European stock markets closed with gains for a fourth straight session on Wednesday, with miners and oil companies providing a big lift.

The Stoxx Europe 600 finished up 0.1% at 360.93, ending well off its session high but still notching its longest win streak since early August.

“The weakness in the U.S. dollar can in some ways explain some of the current upside, both in equities and most importantly commodities,” said Brenda Kelly, head analyst at London Capital Group, in a note.

“The [U.S. Federal Reserve’s] failure to act in September and the weaker-than-expected jobs numbers last week have essentially pushed expectations for a rate hike to at least the end of Q1 2016, and even then it’s precarious, given the poor Q1 GDP growth we’ve come to expect from the U.S. on the basis of bad weather,” she said.

Poor numbers out of Europe have also increased speculation the European Central Bank will launch more easing by the end of the year, further supporting the recent rally in the region’s equities. On Wednesday, data showed industrial output in Germany slumped in August (, in yet another sign Europe’s largest economy is losing steam.

However, the German DAX 30 shook off the weak numbers and closed up 0.7% at 9,970.40.

France’s CAC 40 added 0.1% to end at 4,667.34, while the U.K.’s FTSE 100 rose 0.2% ( to 6,336.35.

Mining rally: Miners posted some of the biggest gains in Europe after an upbeat research note from Morgan Stanley.

“Better cyclical demand should increase conviction around base case commodity prices which together with historically attractive valuation, a four decade trough in company fundamentals and continued supply discipline, should drive equity outperformance,” the Morgan Stanley analysts said in a note.

The investment bank lifted Rio Tinto PLC (RIO) (RIO) (RIO) and BHP Billiton PLC (BLT.LN) (BHP.AU) (BHP.AU) to overweight from equal weight, sending the shares up 7.5% and 4.6%, respectively.

Read more:Miners, emerging markets are a screaming buy, says Morgan Stanley (

Oil-related stocks also rose as crude prices climbed in early action (, with shares staying higher even as oil gave up gains. Shares of Tullow Oil PLC (TLW.LN) finished 8.6% higher, Subsea 7 SA (SUBC.OS) added 7.3% and Total SA (TOT) (TOT) climbed 2.2%.

Other movers: Shares of SABMiller PLC (SAB.JO) (SAB.JO) ended up 0.3% after Anheuser-Busch InBev NV (ABI.BT) (ABI.BT) made a revised offer ( for the U.K.-listed brewer. InBev offered to buy the Peroni maker for 42.15 pounds ($64.40) a share. That represents a 44% premium to SABMiller’s closing share price on Sept. 14, the day before speculation about an approach from InBev arose.

But SABMiller gave a cool response to the offer, saying it substantially undervalued the brewer, media reports said. InBev shares finished 0.6% higher.

Also in the drinks business, Diageo PLC (DEO) (DEO) and Heineken NV (HEIA.AE) said they’d exchange emerging-market brewing assets ( in a deal that will result in a profit for Diageo of GBP440 million pounds. Diageo shares closed down 1.4%, and Heineken fell 1.1%.

Airbus Group SE (AIR.FR) ended 0.1% lower after news the plane maker and Canadian aerospace company Bombardier Inc. (BBD.A.T) have ended talks ( about possible “business opportunities”.

Shares in networking company Nokia Corp. (NOK) (NOK) closed down 0.7% after it laid out a framework for its takeover of French rival Alcatel-Lucent SA ( Alcatel (ALU) shares dipped 0.2%.