FX & CFD trading involves significant risk
Most European stocks rose, with the Stoxx Europe 600 Index trading near a seven-week high, as companies from Royal KPN NV to Vivendi (VIV) SA gained on plans to sell assets. U.S. index futures and Asian shares advanced.
The Stoxx 600 rose 0.1 percent to 300.53 at 9:04 a.m. in London, paring a gain of as much as 0.5 percent. Three stocks climbed for every two that dropped. Stocks rose for a fourth day yesterday as companies from UBS AG to Royal Philips Electronics NV reported increased profit.
A composite index based on a survey of purchasing managers in the euro area’s services and manufacturing industries probably rose in July, Markit Economics will say tomorrow. The measure climbed to 49.1 from 48.7 in June, according to the median forecast in a Bloomberg survey.
In Germany, the Ifo institute releases its business-climate index on Thursday. Economists surveyed forecast the measure will rise to 106.1 in July from 105.9 in June.
A release at 10 a.m. New York time will show that a measure of manufacturing in the region covered by the Federal Bank of Richmond rose to 9 in July from 8 the previous month, according to the median estimate of economists. A report yesterday showed that sales of previously owned houses in the U.S. unexpectedly fell in June.
The volume of shares changing hands in companies listed on the Stoxx 600 was 41 percent greater than the average of the last 30 days, according to data compiled by Bloomberg.
KPN jumped 8.1 percent to 1.95 euros after the Dutch company agreed to sell its E-Plus mobile-phone business for 5 billion euros ($6.6 billion) to Telefonica’s German unit. As part of the deal, KPN will take a 17 percent stake in Telefonica Deutschland Holding AG, which is controlled by Spain’s largest carrier,
Separately, KPN posted a second-quarter profit of 107 million euros, missing the average analyst estimate of 145 million euros. Telefonica gained 2.4 percent to 10.30 euros, while Telefonica Deutschland slipped 0.7 percent to 5.65 euros.
Vivendi climbed 3.7 percent to 16.28 euros. The company said it has entered exclusive talks with Etisalat to sell a 53 percent stake in the Moroccan phone company for 4.2 billion euros.
Swatch advanced 1.8 percent to 539 Swiss francs. The biggest maker of Swiss watches said it expects a strong second half after first-half profit rose. Net income increased 6.1 percent to 768 million Swiss francs ($821 million), the Biel, Switzerland-based company said in a statement.
FTSE 100 6,644.69 +21.52 +0.32%
CAC 40 3,947.79 +7.87 +0.20%
DAX 8,343.91 +12.85 +0.15%
All posted material is a marketing communication solely for informational purposes and reliance on this may lead to loss. Past performance is not a reliable indicator of future results. Please read our full disclaimer.