European bourses extended their recent rally in thin volume trade, with the Chemicals sector (up +1.1%) leading all major sectors into positive territory and lifting the pan-European Stoxx 600 index (which includes UK equities) +0.46%. Germany's DAX gained +0.78%. France's CAC added +0.42%. Remy Cointreau dipped -0.06% despite reporting a stronger-than-expected +27.2% organic jump in first-half operating profit, driven by strong demand for its premium cognac in China and the US and cost controls. In broader stock moves, Credit Suisse Group AG (down -1.91%) confirmed the final terms of its 4B Swiss franc (~US$4.2B) capital raise, making 889M shares available to existing investors at 2.52 Swiss francs. Switzerland’s second largest bank also confirmed it has issued 462M new shares to qualified investors via a placement, with Saudi National Bank the largest investor (buying 307M new shares to afford it a 9.9% stake). In economic data, The German Ifo Business Climate index rose to 86.3 in November from a revised reading of 84.5 in October, better than economists’ forecast for a reading of 85.0. The index of the current situation fell to 93.1 in November from 94.2 in October, while the gauge assessing companies’ expectations rose to 80.0 from 75.9.
