Saudi Arabian shares rose the most in almost three weeks on bets third-quarter earnings will beat estimates and amid speculation European policy makers are examining measures to shield banks from the debt crisis.
Saudi Arabian Fertilizer Co., a unit of Saudi Basic Industries Corp., rose 3.2 percent. Jarir Marketing Co. rallied to the highest since July as profit at the kingdom’s biggest retailer of books and personal electronics beat expectations. The Tadawul All Share Index gained 0.6 percent, the most since Sept. 17, to 6,002.09 at the 3:30 p.m. close in Riyadh. The measure lost 1.8 percent this week. The Bloomberg GCC 200 Index added 0.1 percent and oil gained.
The STOXX Europe 600 Index rallied 1.9 percent at 1:55 p.m. in London. The S&P 500 increased 2.3 percent yesterday, reversing losses in the final hour of trading, after the Financial Times quoted Olli Rehn, European Union commissioner for economic affairs, as saying there’s an “increasingly shared view” that the region needs a coordinated approach to halt the debt crisis. Belgian Prime Minister Yves Leterme said a “bad bank” for troubled assets with government guarantees will be set up for Dexia SA.