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22.07.2013 17:20

European stocks close

European stocks rose for a fourth day, extending a seven-week high, as companies from UBS AG to Royal Philips Electronics NV reported increased profit.

Companies from Apple Inc. to Ford Motor Co. are set to post earnings in the U.S. this week. About 71 percent of Standard & Poor’s 500 Index members that have reported second-quarter results so far topped analysts’ income estimates, data show.

National benchmark indexes fell in 10 of the 18 western European markets today. France’s CAC 40 added 0.4 percent, while the U.K.’s FTSE 100 slipped 0.1 percent and Germany’s DAX (DAX) was little changed.

UBS advanced 2.5 percent to 18.05 Swiss francs, the highest since March 2011, after reporting second-quarter net income of 690 million francs ($734 million). The company also said it reached an agreement in principle with the U.S. Federal Housing Finance Agency to settle claims related to residential mortgage-backed securities offerings between 2004 and 2007.

Philips added 2.1 percent to 23.91 euros. Earnings before interest, taxes, amortization and one-time items amounted to 530 million euros ($697 million), compared with 408 million euros a year earlier. Profit matched the average estimate of 11 analysts.

Banco Espirito Santo SA and Banco Comercial Portugues SA led Portuguese shares higher, jumping 10 percent to 68.5 euro cents and 6.7 percent to 9.6 cents, respectively. Cavaco Silva said the government of Prime Minister Pedro Passos Coelho has the support of a majority in parliament and will stay in office until its term ends in 2015.

Julius Baer Group Ltd. rallied 5.7 percent to 42.04 francs. Switzerland’s third-biggest wealth manager said increased client trading boosted margins as it integrated Merrill Lynch businesses acquired from Bank of America Corp. last year. The gross margin, which reflects how much the bank makes in revenue on managed client assets, rose to 102 basis points in the first half, from 98 basis points in the year-earlier period.

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