European stocks climbed for a third day, mirroring a global rally, after the Federal Reserve met investor expectations by raising rates for the first time in almost a decade.
The Stoxx Europe 600 Index climbed 1.8 percent to 366.99 at 8:03 a.m. in London, as all 19 industry groups advanced. Banks and commodity producers led gains. Banco Santander SA and BNP Paribas SA rose at least 2.5 percent, while an advance of at least 2.3 percent in ArcelorMittal and Antofagasta Plc led a gauge of miners higher for a third day.
Equities are rallying after Fed Chair Janet Yellen’s message that the U.S. economy is performing well and any further tightening will be slow. Yesterday’s quarter-point rate increase marked the culmination of a yearlong effort by the Fed to prepare investors, consumers and companies for the end of an unprecedented era of stimulus measures.
The Stoxx 600 is poised for its first weekly advance in three, trimming a monthly decline to 4.8 percent. After a 14 percent jump from its September low through the end of November, the Stoxx 600 lost as much as 9.3 percent, sliding to a two-month low on Monday as the European Central Bank’s stimulus fell short of expectations and a rout in commodities worsened.
Among stocks active on corporate news, AstraZeneca Plc added 1.7 percent after agreeing to buy a 55 percent stake in Acerta Pharma BV for $4 billion.
SAP SE climbed 1.4 percent after peer Oracle Corp. reported quarterly earnings that beat estimates.
Safe Bulkers, Inc. (NYSE:SB) provides marine drybulk transportation services worldwide. It is involved in the acquisition, ownership, and operation of dry bulk vessels for transporting bulk cargoes, primarily coal, grain, and iron ore. Safe Bulkers, Inc. are trading 5.60% above their 52 week low price after the last close and -77.10% below the 52 week high. Its latest closing price was below -69.54% from the average-price of 200 days while it kept its distance from the SMA50 at -58.91% and -22.07% compared with the SMA 20.
Shares of KNOT Offshore Partners LP (NYSE:KNOP) were 5.02% off 52 week lows as of the latest close and -48.35% below the 52 week high. Its latest closing price was down -31.15% from the average-price of 200 days while it maintained a distance from the SMA 50 at -18.89% and -12.36% compared with the SMA 20. KNOT Offshore Partners LP owns and operates shuttle tankers under long-term charters in the North Sea and Brazil. The company provides crude oil loading, transportation, and storage services under time charters and bareboat charters.
Transocean Partners LLC (NYSE:RIGP) together with its subsidiaries, acquires, owns, and operates offshore drilling rigs located in the United States Gulf of Mexico. The stock’s latest price traded at 11.41% off 52 week lows after the closing bell and was -43.40% behind its 52 week high. Its latest closing price was -19.87% below the SMA200 while the distance from the SMA 50 and SMA 20 was -10.42% and -3.75% respectively.
Costamare Inc (NYSE:CMRE) is trading 5.83% higher than the 52 week low price and -50.42% below the 52 week high. The stock’s latest closing price was -38.75% below from the average-price of 200 days while it kept its distance from the SMA50 at -24.02% and -14.13% compared with the SMA 20. Costamare Inc owns and charters containerships to liner companies worldwide.
Jazz Pharmaceuticals plc – Ordinary Shares (NASDAQ:JAZZ) a biopharmaceutical company, identifies, develops, and commercializes pharmaceutical products for various medical needs in the United States, Europe, and internationally. Jazz Pharmaceuticals plc – Ordinary Shares so far this year has moved down -13.04% and its monthly performance stands at 3.64%. The stock was up 21.42% from its 52 week low and was -26.88% below the 52 week high. Its latest closing price was down -14.19% from the average-price of 200 days while it kept its distance from the SMA50 at 3.07% and -0.81% compared with the SMA 20.