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Jul 11, 2013

For Mandela's Kin, Laws Offer Scant Guidance on End of Life: NYT I Global Update July 11, 2013.


The New York Times International Herald Tribune
July 11, 2013
Compiled 20:45 GMT

Global Update


TOP NEWS

For Mandela's Kin, Laws Offer Scant Guidance on End of Life

By RICK LYMAN
Medical experts say the stricken South African icon Nelson Mandela is likely being sustained by equipment, which could present his relatives, doctors and the country with a painful choice.

Christians Targeted for Retribution in Egypt

By BEN HUBBARD
The ouster of President Mohamed Morsi unleashed violence by extremist Muslims against Christians, who were blamed for colluding in his downfall.

China Accuses GlaxoSmithKline of Corruption

By DAVID BARBOZA
The Chinese government said employees of the British drug giant had used bribes, taken kickbacks and committed other crimes to bolster drug sales.
World

Video: A Dissident Goes Global

The Chinese dissident Chen Guangcheng has become a celebrity and a headache for the Chinese authorities.
Opinion

Op-Ed Contributor

The Wary Chinese-Russian Partnership

By JEFFREY MANKOFF
Beijing and Moscow are aligned only in their shared belief that the post-Cold War order, designed by the United States, has left them out.
WORLD

Sudden Improvements in Egypt Suggest a Campaign to Undermine Morsi

By BEN HUBBARD and DAVID D. KIRKPATRICK
The sudden end of crippling energy shortages and the re-emergence of the police suggest that those opposed to President Mohamed Morsi had tried to undermine his administration.

Egypt's Government Broadens Its Accusations Against Islamists

By DAVID D. KIRKPATRICK
The new military-led government accused Mohamed Morsi and his allies in the Muslim Brotherhood of a campaign to incite violence before and after his ouster as president.

Russian Court Convicts a Kremlin Critic Posthumously

By DAVID M. HERSZENHORN
Sergei L. Magnitsky, a lawyer who was jailed as he tried to expose government tax fraud, died four years ago in a Russian prison after being denied proper medical care.
BUSINESS

Consumer Concerns Weigh Down French Economy

By LIZ ALDERMAN
As seen at the sprawling Marché aux Puces, Paris's most famous flea market, concerns are growing for France's economic health in the near future.

Diverging Debate at Fed on When to End Stimulus

By BINYAMIN APPELBAUM
Although more Fed officials want the bond-buying program to end sooner, Ben S. Bernanke, the central bank's chairman, said the overall policy would remain unchanged.

Japan's Economy on Road to Recovery, Central Bank Says

By HIROKO TABUCHI
The Bank of Japan said the economy is showing signs of a comeback, thanks to an aggressive monetary policy, heavy government spending and a set of pro-growth reforms.
TECHNOLOGY

Seeking Spark, Microsoft Revamps Its Structure

By NICK WINGFIELD
The giant software company is creating four new divisions and reassigning nearly every senior executive as it tries to create timely products that consumers want.
State of the Art

High-Tech Eyeglasses, Not Made by Google

By DAVID POGUE
New glasses to aid your eyesight - even colorblindness - are available, though they won't let you browse the Internet while you wear them.
Pogue's Posts Blog

A Better Google Maps App for Apple and Android Devices

By DAVID POGUE
New features include greater speed, better place and traffic information and offline maps.
SPORTS

Plenty of Sting at the Tail End of Australia's Order

By HUW RICHARDS
England was stunned in Ashes action on Thursday as an Australia debutant, Ashton Agar, made the highest score by a No. 11 batsman in a record last-wicket stand.

Pitcher Who Stayed in Japan Doesn't Stay on Mound

By KEN BELSON
To sweeten his contract, the Hokkaido Nippon Ham Fighters allowed Shohei Otani to play the field on some nonpitching days, a concession in an age of specialization.

France and Uruguay Reach Under-20 World Cup Final

By THE ASSOCIATED PRESS
Florian Thauvin scored twice to give France a win against Ghana and a spot in the Under-20 World Cup final against Uruguay, which beat Iraq on penalties after a 1-1 draw.
U.S. NEWS

Zimmerman Jury Will Be Allowed to Consider Lesser Manslaughter Charge

By LIZETTE ALVAREZ
Aside from the second-degree murder charge that George Zimmerman is facing, jurors can look at manslaughter, which has a maximum penalty of 30 years.

Pennsylvania's Attorney General Won't Fight Gay Marriage Lawsuit

By TRIP GABRIEL
Kathleen Kane aid on Thursday that she would not defend the state against a lawsuit, filed by the American Civil Liberties Union with 23 plaintiffs, to overturn a ban on same-sex marriage.
OPINION
Opinionator | Private Lives

My Life, Post Exposure

By ISAAC LOBEL
If the drugs worked, I would never know if I might have been infected with H.I.V. or not.
Op-Ed Columnist

Beyond the Courtroom

By CHARLES M. BLOW
The George Zimmerman trial has started a valuable discussion about race and justice.
Op-Ed Columnist

New York Sizzles

By GAIL COLLINS
Opportunities abound, people, in city politics thanks to the return of the men who never went away.

GGR's Arensberg, Tocqueville's Hathaway sense a short squeeze in gold: GATA I THE GATA DISPATCH: JULY 11, 2013.

GGR's Arensberg, Tocqueville's Hathaway sense a short squeeze in gold

9:45p ET Thursday, July 11, 2013

The Got Gold Report's Gene Arensberg tonight compiles the major elements of what could be "the stuff of a gold bear reversal" and a massive short squeeze:

http://www.gotgoldreport.com/2013/07/the-stuff-of-a-gold-bear-reversal-....

Tocqueville Gold Fund manager John Hathaway offers similar ideas in an interview with King World News. "Sentiment is ripe for a complete reversal on gold, and a very sharp one," Hathaway says. "We know the market is structured in a way that is very vulnerable to a short squeeze, which I think has already started, but we are still in the very early stages of it. We have had a lot of false starts in the gold market, but this one sure looks like a massive upside reversal will soon be upon us.

Hathaway also speculates that the U.S. government may try to escape infinite bond monetization by requiring tax-deferred retirement accounts to maintain 20 percent of their assets in Treasury securities paying interest of 2 percent or less. Why should gold be the only thing subject to confiscation?
An excerpt from the interview is posted at the King World News blog here:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/7/11_We...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

Russia Today TV interviews GATA Chairman Bill Murphy: GATA I THE GATA DISPATCH; JULY 11, 2013.

Russia Today TV interviews GATA Chairman Bill Murphy

9:13p ET Thursday, July 11, 2013

GATA Chairman Bill Murphy was interviewed for nine minutes today on the Russia Today television network, discussing gold market manipulation and the reversal of trading positions, from short to long, of the big bullion banks. The interview is posted at YouTube here:

http://www.youtube.com/watch?v=5bNppj3_QXI&feature=youtu.be&t=1m34s

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

CNBC Latest Stories I CNBC Evening Brief; July 11, 2013.

LATEST STORIES

Gold leasing is a fraud because central banks haven't wanted their metal back: GATA I THE GATA DISPATCH; JULY 11, 2013.

Gold leasing is a fraud because central banks haven't wanted their metal back

3:21p ET Thursday, July 11, 2013

Gold leasing is a fraud and conspiracy, Jeff Nielson of Bullion Bulls Canada writes today, since central banks that lend gold know that it eventually will be sold into the market to diminish the value of the asset, which isn't really their own but something they hold in trust for their nations:

http://www.bullionbullscanada.com/gold-commentary/26280-the-fraud-and-co...

But the bigger fraud here is on the gold and currency markets. For while gold is an asset of central banks, its value is the reciprocal of assets far more important to them -- their currencies and government bonds.

When they have lent gold in recent decades, Western central banks have not really wanted it back; rather they have wanted the gold price suppressed or controlled and the value of their currencies and bonds thereby supported.

 That is probably why, throughout the last decade, the gold price rose steadily even as practically every week brought announcements of gold sales by Western central banks or the International Monetary Fund. No new gold was hitting the market in these "sales." Rather, most likely the "sales" were just cash settlement cancellation of leases for gold that had hit the market many years before and could not be recalled without spiking the market upward too fast for the comfort of the market riggers.

That is also probably why Barrick Gold claimed to be the agent of central banks when it borrowed and sold their gold to finance its operations --

http://www.gata.org/node/1858

-- and why Barrick often boasted that its central bank gold loans not only had 15-year terms but were renewed every year so they became "evergreen," or perpetual, as was explained in this Barrick financial report from 2006:

http://www.barrick.com/investors/news/news-details/2006/BarrickEarnsMill...

That is, Western central banks have mobilized their gold surreptitiously as part of a comprehensive scheme of rigging the currency markets, as they acknowledged in a secret report prepared by the staff of the International Monetary Fund in 1999:

http://www.gata.org/node/12016

Your secretary/treasurer has long suspected that the current era of gold price suppression would end the way the last era ended, the era of the London Gold Pool --

http://en.wikipedia.org/wiki/London_Gold_Pool

-- when the gold reserves of the participating central banks were depleted to whatever was considered the critical point. Gold sales and leasing would stop, gold would be more or less officially revalued much higher, and the central banks that had lost their metal through sales and leasing would buy it back at the higher price and begin the next era of price suppression.

When will this happen? Of course the Western central banks won't be
letting GATA know in advance, but the recent startling repositioning of their agents in the gold market --

http://www.gata.org/node/12768

-- indicates that those agents have been told and that the new era is drawing near.

Happy as the change of eras may be for gold investors, central banking won't be any less totalitarian. It will continue to strive to control surreptitiously the value of all capital, labor, goods, and services in the world -- strive to control the whole world -- and thus it will still have to be fought. But at least it will look better with a bloody nose.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

* * *

Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:
http://www.goldrush21.com/order.html

U.S. stocks rally to record finish on Fed talk: Wall Street at Close Report by MarketWatch; July 11, 2013.

By Kate Gibson, MarketWatch 
 
NEW YORK (MarketWatch)U.S. stocks leapt Thursday, with the S&P 500 up for a sixth day and setting a record finish, after Federal Reserve Chairman Ben Bernanke said the Fed would remain accommodative. 

The Fed chairman “didn’t say anything new, but he did remind us we have a dual mandate, and neither one is close right now,” said Art Hogan, market strategist at Lazard Capital Markets, referring to the Fed’s employment and inflation targets. 


“We’re firmly entrenched in the belief that the Fed is going to taper at some point in time, but not if the economic data is getting worse,” Hogan added. 

Replying to a question following a speech in Cambridge, Mass., Bernanke said on Wednesday that “highly accommodative monetary policy for the foreseeable future is what’s needed.” 

Bernanke’s comments Wednesday followed the release of minutes from the central bank’s last meeting, which had about half of the 19 members of the Federal Open Market Committee looking to cut the Fed’s $85 billion in monthly bond purchases by the end of the year. The record also had many Fed officials looking for further evidence of improvement in the labor market before opting to cut the Fed’s quantitative-easing program. 

Labor Department figures released Thursday showed first-time jobless claims rising last week by 16,000 to a two-month high of 360,000. 

“The three-week moving average is still around 350,000, so we still have bumpy but steady improvement. Also, July has a boatload of seasonality in it,” said Hogan of a month that includes the Fourth of July holiday and seasonal vehicle plant closures. 

The Dow Jones Industrial Average DJIA +1.11% rallied 169.26 points, or 1.1%, to 15,460.92, with the blue-chip index above its prior all-time finish of 15,409.39, hit on May 28. 

Intel Corp. INTC +0.04% led gains that included all of the 30 Dow components. 

Microsoft Corp. MSFT -0.04% shares rose 2.8% on the technology giant’s reorganization plan, outlined in an email by CEO Steve Ballmer to employees. 

On Capitol Hill Thursday, Sen. Elizabeth Warren said a bipartisan group of lawmakers would introduce a bill to split commercial and investment banking, bringing back a provision established by the 1933 Glass-Steagall Act that was repealed in 1999. “The four biggest banks are now 30% larger than they were just five years ago, and they have continued to engage in dangerous, high-risk practices that could once again put our economy at risk,” the Massachusetts Democrat said in a statement. 

Two of those banks, Dow components J.P. Morgan Chase & Co. JPM +0.57% and Wells Fargo & Co. WFC -0.43% will report quarterly results on Friday. What to watch in J.P. Morgan, Wells Fargo results.
 
Technology companies paced sector gains as the S&P 500 SPX +1.36% index gained 22.4 points, or 1.4%, to 1,675.02, clearing the prior record close of 1,669.16 set on May 21. 

Shares of Advanced Micro Devices Inc. AMD -1.35% leapt nearly 12%, leading the S&P 500’s rise, after Canaccord Genuity Ltd. upgraded the manufacturer of PC processors. 

Extending gains into a sixth session, its longest win streak since Nov. 26, 2012, the Nasdaq Composite index COMP +1.63% climbed 57.55 points, or 1.6%, to 3,578.30, its loftiest level in nearly 13 years.
 

Economist: What Fed needs to see
BNP Paribas North America Chief Economist Julia Coronado points out that while several sectors of the economy have seen recovery, there must be a broader recovery for the Federal Reserve to find comfort that the recovery is strong. Photo: AP 

For every share falling, more than six gained on the New York Stock Exchange, where nearly 742 million shares traded. 

Composite volume exceeded 3.4 billion shares. 

The dollar DXY -0.45% slid against the currencies of U.S. trading partners and Treasurys rose, with the yield on the 10-year note 10_YEAR -2.13% used in determining mortgages and other consumer loans falling to 2.574%. 

Mortgage rates for fixed 30-year loans climbed to a two-year high, with the average rate rising to 4.51%, Freddie Mac said Thursday. 

“The biggest threat to the economy, both domestically and globally, is the price of oil, which remains stubbornly high,” said Lazard’s Hogan. 

On the New York Mercantile Exchange, the cost of a barrel of oil CLQ3 -1.80% fell from a 15-month high to $104.91 and an ounce of gold GCQ3 +3.09% rose to $1,279.90. Front-month Comex gold for July delivery GCN3 +2.97%   is off nearly 24% year-to-date. 

Kate Gibson is a reporter for MarketWatch, based in New York.

Breaking Records: Dow and S&P 500 End at All-Time Highs, Nasdaq Logs Best Close Since 2000: Wall Street at Close Report by CNBC; July 11, 2013.

Stocks roared higher to finish near their best levels Thursday, with the Dow and S&P 500 closing at record highs, boosted by dovish comments from Fed Chairman Ben Bernanke.

(Read More: Will Investors Finally Buy Bernanke's Explanation?)

"While you cannot guarantee that short-covering is taking place, this looks, smells and feels like a huge short-covering," said Art Cashin, director of floor operations at UBS Financial Services. "Next week, we have the equivalent of what used to be the Humphrey-Hawkins testimony so we could get a lot of volatility again."
Name Price Change %Change
DJIA Dow Jones Industrial Average 15460.99 169.33 1.11%
S&P 500 S&P 500 Index 1675.03 22.41 1.36%
NASDAQ Nasdaq Composite Index 3578.30 57.54 1.63%

The Dow Jones Industrial Average shot up more than 150 points to close above its previous all-time closing high of 15,409.39. Most Dow components finished higher, led by Intel and Microsoft.
The blue-chip index's point gain for 2013 is already greater than any year on record.

The S&P 500 logged its sixth-consecutive session in positive territory and also set a new closing high. The index is now on pace for its biggest weekly gain since January. The Nasdaq also jumped, while the Russell 2000 index hit a new all-time high for the fourth-straight session.

The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, slid below 14.

All key S&P sectors closed firmly higher, propelled by techs and materials

Peek Inside Goldman's Second-Half Playbook
David Kostin of Goldman Sachs offers investment strategies as the Dow moves higher after Fed Chairman Ben Bernanke's comments on stimulus and low interest rates.
Bernanke said monetary policy would remain accommodative for the foreseeable future, even if the unemployment rate hit the Fed's target of 6.5 percent. Speaking at a conference after the market close Wednesday, Bernanke's remarks came after the release of minutes from the Fed's latest policy meeting, which showed that policymakers wanted further reassurances about the strength of the jobs market before pulling back on stimulus measures. (Read More: What Did Ben Say? Playing the Fed Word Game) The dollar dropped broadly against a basket of currencies, with its index falling to $82.418, its lowest since June 25 and down around 2.8 percent from the three-year high of $84.753. Meanwhile, Treasury prices gained after the government auctioned $13 billion in 30-year bonds at a high yield of 3.660 percent. The bid-to-cover ratio, an indicator of demand, was 2.26, versus the recent average of 2.59. Among earnings, Yum Brands edged higher after the parent company of KFC and Pizza Hut edged past earnings expectations. But sales were slightly shy of consensus and the company's sales in the important China market fell 20 percent. Still, the fast-food chain said it expects positive same-store sales in China by the fourth quarter. Financial giants JPMorgan and Wells Fargo are slated to post quarterly results on Friday. Analysts expect S&P 500 earnings to have increased 2.6 percent in the second quarter from a year ago, with revenue up 1.5 percent, according to the latest data from Thomson Reuters.
Microsoft edged higher after the software giant announced a long-awaited restructuring. As part of the reorganization, Microsoft announced the president of its Microsoft Office division, Kurt DelBene, will be retiring. (Read More: Cramer: Microsoft Is Undervalued Right Now) Nokia edged higher after the Finnish cellphone maker introduced the Lumia 1020, a smartphone with a 41-megapixel camera, in an effort to catch up with rivals Samsung Electronics and Apple. On the economic front, weekly jobless claims rose by 16,000 last week to a seasonally adjusted 360,000, according to the Labor Department, above expectations for a reading of 340,000. The four-week moving average of new claims increased by a more modest 6,000 to 351,750. Meanwhile, import and export prices declined for the fourth-straight month in June, according to the Labor Department. Gasoline prices are forecast to jump between 10 and 20 cents per gallon within the next few days, driven by rising oil prices and peak driving season. Oil prices have risen in recent weeks on geopolitical concerns, along with declining inventories. In Asia, the Shanghai Composite rose above the key 2,000 level for a second straight session on hopes that Wednesday's dismal trade data will lead the Chinese central bank to ease monetary policy in an effort to boost growth. (Poll: Will China Experience a 'Hard Landing' in 2013?) Meanwhile, the yen strengthened further against the dollar on Thursday after the Bank of Japan held its monetary policy steady, but upgraded the country's economic outlook. (Read More: JPMorgan Says It's Still Not Sold on Japan)
—By CNBC's JeeYeon Park (Follow JeeYeon on Twitter: )

CMI Spot Prices as of Close of Trading in New York; July 11, 2013.

 




Updated 7/11/2013 Today Change Week Ago Month Ago Year Ago
GOLD $1,281.70 +$32.60 $1,253.80 $1,378.15 $1,576.90
SILVER $20.05 +$0.78 $19.82 $21.72 $27.07
PLATINUM $1,410.30 +$39.80 $1,350.60 $1,483.60 $1,434.90

The Economist I From the Desk Of John Micklethwait, Editor, July 11, 2013.

Thursday July 11th 2013 Editor's picks


A villain's guide to football
How to turn your soccer club into a stealing machine
Football clubs can easily be used as stealing machines. Here is an instruction manual. The stories are real, but most details are concealed
READ MORE »
Europe's zombie banks
The continent's financial system is in a ghastly state—and nothing much is being done about it


READ MORE »
Build your own glacier
The iceman cometh and could water your crops
If climate change takes your local glacier away, why not build another?
READ MORE »
Politics this week
A leaked Pakistani government report concluded that government incompetence and negligence had allowed Osama bin Laden to live in Pakistan undetected for a decade. The report found nothing to support allegations that the government had colluded with al-Qaeda, though it did not rule out "the possibility of some degree of connivance".
SEE ARTICLE »

MORE FROM: POLITICS THIS WEEK »

Click Here!

Business this week
The global asset-management industry grew to a record $62.4 trillion last year, according to the Boston Consulting Group, passing the previous high set in 2007, before the financial crisis. Most of the gain is explained by roaring equity markets, which increased the value of assets under management.
SEE ARTICLE »
MORE FROM: BUSINESS THIS WEEK »

FTC Mails Refund Checks to Consumers Who Bought Skechers' Shape-Ups and Other "Toning" Shoes: FTC I Enforcement Actions Press Release; July 11, 2013.




Company Paid $40 Million for Refunds to Settle FTC Charges of Deceptive Advertising

An administrator working for the Federal Trade Commission is mailing 509,175 checks to consumers who bought toning shoes from Skechers USA, Inc. that the company promoted through allegedly deceptive advertisements.
The checks must be cashed on or before October 10, 2013.  The amount consumers will receive is based on the portion of their claims that was approved. The deadline for filing a refund request has expired.
As part of its efforts to stem overhyped health claims, last year the FTC alleged that Skechers deceptively advertised its toning shoes, including making unfounded claims that its Shape-ups shoes would help people lose weight, and strengthen and tone their buttocks, legs and abdominal muscles.  Besides Shape-ups, the FTC alleged that Skechers also made deceptive claims about its Resistance Runner, Toners, and Tone-ups shoes.  
Under the terms of the FTC settlement, the funds were distributed through a court-approved class action lawsuit.  BMC Group, the court approved settlement administrator, will begin mailing checks on July 12, 2013 to eligible consumers who submitted a valid claim for a refund. 
Consumers who have questions should call 1-888-325-4186.  The FTC never requires consumers to pay money or provide information before redress checks can be cashed.
Consumers should carefully evaluate advertising claims for work-out gear and exercise equipment.   For more information see: Tips for Buying Exercise Equipment.
The Federal Trade Commission works for consumers to prevent fraudulent, deceptive, and unfair business practices and to provide information to help spot, stop, and avoid them.  To file a complaint in English or Spanish, visit the FTC’s online Complaint Assistant or call 1-877-FTC-HELP (1-877-382-4357).  The FTC enters complaints into Consumer Sentinel, a secure, online database available to more than 2,000 civil and criminal law enforcement agencies in the U.S. and abroad.  The FTC’s website provides free information on a variety of consumer topics.  Like the FTC on Facebook, follow us on Twitter, and subscribe to press releases for the latest FTC news and resources.
MEDIA CONTACT:
Office of Public Affairs 202-326-2180

Related Items:

More news from the FTC >>

European stocks rise in Fed-fueled rall: European Markets at Close report by MarketWatch; July 11, 2013.

By Sara Sjolin, MarketWatch 
 
LONDON (MarketWatch)European stock markets rose on Thursday, after U.S. Federal Reserve Chairman Ben Bernanke indicated he is still supportive of monetary stimulus. 

The Stoxx Europe 600 index XX:SXXP +0.58%  climbed 0.6% to close at 296.54, extending gains into a fourth straight day.

The index also closed at the highest level in five weeks, as investors picked up stocks that were recently hit hard by indications the U.S. Federal Reserve could start tapering its asset purchases.
The Fed was further in the spotlight in Thursday’s trade after Chairman Bernanke said late Wednesday that short-term interest rates will stay low, even if the unemployment rate falls below the 6.5% threshold. The jobless rate was 7.6% in June. 

Additionally, minutes from the Fed’s latest policy meeting showed that about half of its 19 senior officials said they would like to end the central bank’s monthly purchases of $85 billion in bonds by the end of the year, while many see a need for continued easing next year. 

“Markets interpreted the Fed minutes as a dovish message and acted accordingly. I’m not entirely sure we’re not getting ahead of ourselves here, because it was actually not very different from what we’ve heard in the past,” said Peter Dixon, strategist at Commerzbank in London.

“The U.S. is doing okay and getting momentum behind it. At this stage, the Fed just doesn’t want to pull the rug from the under the table, because it could cause problems, but they are saying: ‘Be aware, at some point we’ll take the rug away,’” he added.

Movers

Among the biggest movers in the pan-European index, shares of Associated British Foods PLC UK:ABF +5.07%  rose 5.1% after the ingredients maker and owner of Primark clothing stores said revenue for the 40 weeks to June 22 was up 9%. 

Shares of Telekom Austria AG AT:TKA +3.22%  added 3.7% after Goldman Sachs lifted the firm to neutral from sell. 

Shares of G4S PLC UK:GFS -5.59%  dropped 5.6% after U.K. Justice Secretary Chris Grayling asked the Serious Fraud Office to investigate the security firm for overcharging the government for electronic tagging for criminals. 

Serco Group PLC UK:SRP -7.94%  was also suspected of overcharging, but agreed to take part in a forensic audit. The shares slumped 7.9%. 

Among country-specific indexes in Europe, Germany’s DAX 30 index DX:DAX +1.14%  rose 1.1% to 8,158.80. Banks posted some of the biggest gains, with Commerzbank AG DE:CBK +2.50%  up 2.3% and Deutsche Bank AG DE:DBK +0.75%   DB +1.43%  0.9% higher. 

France’s CAC 40 index FR:PX1 +0.74%  gained 0.7% to 3,868.98 and the U.K.’s FTSE 100 index UK:UKX +0.59%  rose 0.6% to 6,543.41. 

Miners rallied in London, as most metals prices moved north. Shares of Anglo American PLC UK:AAL +5.44%  gained 5.4%, Rio Tinto PLC UK:RIO +4.58%   AU:RIO +3.68%   RIO +5.87%  rose 4.6% and BHP Billiton PLC UK:BLT +4.56%   BHP +4.93%   AU:BHP +3.17%  added 4.6%.
Bucking the positive trend in Europe, Portuguese stocks sank amid political instability. President Anibal Cavaco Silva in a surprise move reportedly urged the ruling coalition and opposition to reach an agreement to push through austerity measures needed to complete Portugal’s bailout program. The PSI 20 index PT:PSI20 -2.01%  dropped 2% to 5,423.29.

Euro zone to grow in 2014

Analysts at UBS cut their 2013 growth forecast for the euro zone to negative 0.7% from a previous estimate of negative 0.4%. At the same time they lifted the 2014 outlook to 0.8% economic expansion from 0.7%. 

“The reason for the downward revision for 2013 is largely backward looking. We continue to expect the euro zone to show increasing signs of a modest recovery over the coming months,” they said. 

Sara Sjolin is a MarketWatch reporter based in London. Follow her on Twitter @sarasjolin.