European (SXXP) stocks rose on speculation central banks will take steps to stimulate the global economy and as investors awaited the outcome of Greek elections this weekend. U.S. index futures and Asian shares gained. Telekom Austria AG (TKA) advanced 2.7 percent after America Movil SAB agreed to acquire a stake in the company. The Stoxx Europe 600 Index climbed 0.4 percent to 242.79 at 8:06 a.m. in London. The benchmark gauge has declined 11 percent form its high on March 16 amid growing concern that Greece will be forced to leave the euro currency union. Standard & Poor's 500 Index futures expiring in September added 0.2 percent. The MSCI Asia Pacific Index advanced 0.7 percent. “Today's gains on the open are seen as only modest as the uncertainties of the Greek election and the subsequent volatility are far too risky for some," Jonathan Sudaria, a dealer at Capital Spreads in London, wrote in a note. The Stoxx 600 dropped for a second day yesterday as Moody's downgraded Spain and Cyprus, while Switzerland's central bank said that Credit Suisse Group AG must boost its capital this year. U.S. stocks gained yesterday after Reuters reported that central banks are prepared to coordinate action, if needed, to boost liquidity in financial markets. Reuters cited officials linked to the G-20 nations. Spokesmen at the European Central Bank, Bank of England, Bundesbank, Swiss National Bank and Bank of France declined to comment when contacted by Bloomberg News on the prospect of emergency coordinated action. Bank of England Governor Mervyn King said in a speech late yesterday that the case for more stimulus in the U.K. is growing. In addition to looser policy, he said the BOE will activate a sterling liquidity facility to aid banks, and have a form of credit-easing operating within weeks to boost lending in the economy. On June 17, almost 10 million Greeks will vote for the second time in six weeks after a May 6 ballot failed to result in a government. The constitution permits a third election too. Exit polls will be released when voting ends at 7 p.m. in Athens, with a first official result estimate due around 9:30 p.m. On June 17, almost 10 million Greeks will vote for the second time in six weeks after a May 6 ballot failed to result in a government. The constitution permits a third election too. Exit polls will be released when voting ends at 7 p.m. in Athens, with a first official result estimate due around 9:30 p.m. “It's not because the elections will have passed that the problem will be resolved," said Guillaume Duchesne, an equity strategist at BGL BNP Paribas SA in Luxembourg. “What will happen then? If there is a clear coalition of the traditional parties, that will have a positive impact on the market. But we remain cautious." Group of 20 leaders meet in Mexico next week amid the weakest international economy since the 2009 recession. In the U.S., a report at 9:15 a.m. in Washington may show that industrial production in the world's largest economy expanded at a slower pace in May. Output at factories, mines and utilities increased 0.1 percent after a 1.1 percent climb in April that was the biggest since December 2010, according to the median forecast of 79 economists surveyed by Bloomberg. Separate data will probably show that manufacturing in the New York-region slowed this month. Telekom Austria gained 2.7 percent to 8.25 euros after America Movil SAB agreed to acquire a 21 percent stake in the company from investor Ronny Pecik. The acquisition is part of America Movil's strategy to establish a foothold in Europe as the debt crisis lowers the value of telecommunications assets. Randgold Resources Ltd. (RRS) climbed 1.9 percent to 5,995 pence as Goldman Sachs Inc. upgraded its recommendation for the stock to neutral, the equivalent of hold, from buy. Carrefour, Europe's biggest retailer, gained 2.1 percent to 13.96 euros. Carrefour acquired 129 Eki stores in Argentina, the company said after the close of European markets yesterday, without giving the terms of the purchase. The company also sold its stake in its Greek joint venture, Bloomberg reported.
