Oliver Q
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European Stocks Rebound From Five-Week Low as RBS Climbs

European stocks rose, rebounding from a five-week low, as investors awaited data on U.S. consumer confidence to gauge the strength of the world’s largest economy. U.S. stock futures were little changed, while Asian shares fell.

Royal Bank of Scotland Group Plc climbed 4.7 percent after saying total impairment charges for this year will be lower than previously forecast. Next Plc slipped 4.6 percent after saying it will probably cut its annual profit forecast if the warm weather in the U.K. continues throughout October.

The Stoxx 600 Europe Index advanced 0.2 percent to 341.59 at 8:10 a.m. in London. The equity benchmark fell 0.4 percent yesterday, erasing what would have been its fifth consecutive quarterly gain, as banks slid and data showed economic confidence in the region dropped to the lowest since November.

Standard & Poor’s 500 Index futures added 0.1 percent today. The MSCI Asia Pacific Index slid 0.4 percent to a four-month low as pro-democracy protests continue in Hong Kong.

Amid signs of weaker growth in Europe, investors have also been examining U.S. data for clues as to the timing of an increase in interest rates. A Conference Board report at 10 a.m. in New York may show American consumer confidence climbed this month to its highest level in almost seven years, economists surveyed by Bloomberg News predicted.

The European Central Bank, which meets to discuss monetary policy this week, has cut interest rates twice since June, announced targeted long-term loans for banks, and said it will start buying assets to avert a downward spiral in prices. Data at 11 a.m. in Luxembourg may show the euro-area inflation rate was at its lowest level since 2009 this month, remaining below the ECB goal of just under 2 percent.

Another report at the same time will probably show euro area unemployment remained at 11.5 percent in August, near a record of 12 percent reached last year.

RBS Advances

RBS gained 4.7 percent to 378.2 pence. The lender will “significantly outperform” its previous guidance of about 1 billion pounds ($1.6 billion) worth of total impairments for 2014, according to a statement. The bank said it had lower levels of non-performing loans and didn’t see large one-off charges in the third quarter.

Wolseley Plc advanced 1.4 percent to 3,303 pence after saying full-year earnings jumped 9.9 percent to 196.2 pence a share. The distributor of building materials and bathroom supplies predicted sales growth of 5 percent for the next six months, and said it will buy back as much as 250 million pounds of its own shares within the next 12 months.

Prysmian Climbs

Prysmian SpA (PRY) added 0.8 percent to 14.49 euros after saying there will be no additional costs or delays for its Western Link project. The world’s largest cable maker in July cut its profit guidance and forecast a delay of six to nine months for the interconnector between Scotland and England after running into manufacturing difficulties.

It also aims to maintain a dividend payout similar to this year’s 42 cents per share even as debt increases, Chief Financial Officer Pier Francesco Facchini told Bloomberg News.

Next dropped 4.6 percent to 6,550 pence after the clothing retailer said another month of warm weather will reduce full year profit. The company on Sept. 11 reiterated a forecast for profit of as much as 815 million pounds.

Marks & Spencer Group Plc, the largest British clothing retailer, dropped 3.8 percent to 399.6 pence, its lowest price in 17 months.