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European stocks gained for the first time in three days as companies from Danone to TNT Express NV reported results
The Stoxx 600 has gained 5.3 percent in July as the Federal Reserve said it remains flexible on the pace of asset purchases. Fed policy makers begin a two-day meeting tomorrow.
Danone, the owner of Evian bottled water and Activia yogurt, increased 3.1 percent to 59.24 euros. Second-quarter revenue growth topped estimates as the company sold more baby-nutrition products in China and dairy sales rose more than forecast.
Elan jumped 11 percent to 12.41 euros, the highest price in five years, after the Irish drug company agreed to be bought by Perrigo Co., a U.S. maker of over-the-counter medicines.
TNT declined 5.4 percent to 5.81 euros, the largest retreat since March 25. The company reported a second-quarter loss of 304 million euros ($403 million), after a profit of 39 million euros last year.
Ryanair Holdings Plc, Europe’s biggest discount airline, fell 2.5 percent percent to 6.99 euros as first-quarter earnings dropped 21 percent on higher fuel costs and an early Easter travel season.
FTSE 100 6,573.18 +18.39 +0.28 %
CAC 40 3,978.78 +9.94 +0.25 %
DAX 8,264.9 +19.99 +0.24 %
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