European stocks advanced, after equities climbed the most in more than a month last week, as Ukraine and Russia met for talks. U.S. index futures rose, while Asian shares were little changed.

United Internet AG added 3.3 percent as it has bought a 10.7 percent stake in Rocket Internet AG. Rio Tinto Group rose 1.1 percent as the miner is reviewing a controlling stake in a company that owns a deposit with a potential copper and gold resource worth more than $60 billion. Neste Oil Oyj fell 2.6 percent after the Finnish company said one of its refineries will have a lower production.

The Stoxx Europe 600 Index rallied 1.1 percent to 333.31 at 8:10 a.m. in London after advancing 1.5 percent last week. Standard & Poor’s 500 Index futures added 0.4 percent today, while the MSCI Asia Pacific Index slipped less than 0.1 percent.

“Tension in Ukraine continues to subside,” Jonathan Sudaria, a trader at Capital Spreads in London, wrote in an e-mail. “However, with the Russian aid convoy now at the border, the situation still remains a geopolitical tinder box.”

The Stoxx 600 pared its weekly advance on Aug. 15, after Ukraine said its troops partially destroyed a military convoy that entered the country from Russia. The stocks gauge closed 5.7 percent below a six-year high reached June 10.

Ukraine Talks

Ukrainian Foreign Minister Pavlo Klimkin and his Russian counterpart Sergei Lavrov met in Berlin in talks seeking to ease tension. German Foreign Minister Frank-Walter Steinmeier said after the discussion that there was some progress made.

In Iraq, Kurdish forces took control of most of the country’s largest dam. The U.S. widened its air strikes and used bombers for the first time since the offensive began on Aug. 8 to help secure the dam near Mosul, Iraq’s largest northern city, that had been seized by the insurgents.

United Internet climbed 3.3 percent to 32.20 euros. The online-access and domain provider bought the Rocket Internet stake for 435 million euros ($582 million). United Internet is paying 333 million euros in cash and will transfer its equity participation in the portfolio of Global Founders Capital funds to Rocket, representing 102 million euros, a statement showed.

Rio Tinto rose 1.1 percent to 3,444 pence. The world’s second-largest miner said it is reviewing the 53.83 percent stake in Bougainville Copper Ltd. after the provincial government passed some laws this month. The company owns the deposit in an abandoned mine in Papua New Guinea.

Commerzbank AG advanced 1.1 percent to 10.75 euros. Profit margins in Germany’s private-banking industry will probably rise, Boersen-Zeitung reported, citing an interview with Commerzbank wealth management board member Gustav Holtkemper.

Deutsche Telekom AG added 1.7 percent to 11.30 euros. Europe’s largest phone company may buy cable providers such as Tele Columbus GmbH or Primacom AG, Focus magazine reported, citing Niek Jan van Damme, the head of Deutsche Telekom’s domestic business.

Neste Oil dropped 2.6 percent to 14.18 euros. The company said a damage to the hydrogen plant at its Porvoo refinery will cut production.

 

Source: bloomberg

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