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German stocks advanced to a five-month high as the International Monetary Fund proposed to extendits lending resources to safeguard the global economy from anyworsening of the euro area��s debt crisis.
Henkel AG (HEN3), the maker of industrial adhesives and Soft Scrubcleaners, and Infineon Technologies AG (IFX), Europe��s second-biggestchipmaker, led rising shares. Commerzbank AG (CBK), Germany��s second-largest lender, retreated 1.7 percent after Moody��s InvestorsService cut its financial strength rating.
The DAX Index (DAX) climbed 21.64, or 0.3 percent, to 6,354.57 atthe close in Frankfurt, its highest since Aug. 4. The gaugetumbled 15 percent last year as euro-area leaders struggled tocontain the region��s sovereign-debt crisis. The broader HDAXIndex added 0.4 percent today.
��It��s difficult these days to forecast economicdevelopments in Europe,�� said Andreas Lipkow, an equity traderat MWB Fairtrade Wertpapierhandelsbank AG in Frankfurt.��Investors are focused on economic data in the U.S.��
The IMF will push China, Brazil, Russia, India, Japan andoil-exporting nations to contribute the most, according to anofficial from a Group of 20 nation, who spoke on condition ofanonymity because the talks are private. The fund wa! nts tost rike the agreement at the Feb. 25-26 meeting of G-20 financeministers and central bankers in Mexico City, the official said.
A gauge of confidence among U.S. homebuilders rose inJanuary to the highest level in more than four years as salesand buyer traffic improved. U.S. industrial production reboundedin December, reflecting gains in demand for business equipment,automobiles and construction materials.
World Bank Forecast
The World Bank cut its global growth forecast. The worldeconomy will grow 2.5 percent in 2012, down from a June estimateof 3.6 percent, as a recession in the euro area threatens toexacerbate a slowdown in emerging markets, the Washington-basedinstitution said.
The German government also cut its forecast for economicexpansion this year, saying Europe��s biggest economy will grow0.7 percent in 2012. That��s less than the 1 percent that itestimated in October.
Greece will agree a deal with private creditors that wouldgive them cash and securities with a market value of about 32cents per euro of government debt, according to Bruce Richards,the chief executive officer for Marathon Asset Management LP.Richards sits on the committee of 32 private creditors thatformed in November to negotiate with Greece, the InternationalMonetary Fund and the European Union.
Germany got bids for 7.6 billion euros ($9.8 billion) oftwo-year notes at an auction today, compared with a sales targetof 4 billion euros, the Bundesbank said.
Henkel, Commerzbank
Henkel (HEN3) rose 2.4 percent to 46.31 euros as Chief ExecutiveOfficer Kasper Rorsted said in an interview with DAF TV that thecompany��s 2012 targets remain valid, adding that he doesn��texpect a big recession.
Infineon (IFX) gained 2.9 percent to 6.97 euros as ASML HoldingNV, Europe��s biggest semiconductor-equipment maker, said ordersfrom abroad will sustain growth and make up for any slowdown inits home region amid the sovereign-debt crisis.
Commerzbank slid 1.7 percent to 1.41 euros, s! napping sixdays of gains. Moody��s cut Commerzbank��s financial-strengthrating to D+ from C-. The rating represents Moody��s opinion of alender��s intrinsic safety and soundness and doesn��t address theprobability of timely repayment of debt, according to thecompany��s definitions.
Kloeckner & Co SE slid 1.2 percent to 11.76 euros, endingthe stock��s longest winning streak in more than six months, asthe German steel trader was cut to ��neutral�� from ��buy�� atCitigroup Inc.
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Media Digest 3/18/2009 Reuters, WSJ, NYTimes, FT, Bloomberg
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