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29.10.2013 11:17

European stock rose

European stocks rose as companies from BP (BP/) Plc to Deutsche Bank AG reported earnings and the Federal Reserve began a two-day meeting. U.S. stock-index futures were little changed and Asian shares fell.

The Stoxx Europe 600 Index added 0.2 percent to 320.25 at 8:52 a.m. in London. The gauge fell 0.2 percent yesterday, snapping a three-week rally, as U.S. factory production and home sales missed forecasts. The index has still soared 15 percent in 2013, closing at a five-year high on Oct. 22, as central banks around the world pledged to leave interest rates low for a prolonged period.

“The Fed meeting is in focus and it is likely that the Committee will view weak U.S. economic reports as not supportive of tapering in 2013,” said Lorne Baring, who oversees about $500 million as managing director of B Capital SA in Geneva. “The overreaction to the mention of tapering is now over. Underlying sentiment is still positive and I think European stocks still offer more intrinsic value than U.S. equities.”

The Federal Open Market Committee starts a two-day meeting today to consider when to begin trimming the $85 billion-a-month of bond purchases that have buoyed global markets. Policy makers will hold off paring stimulus measures until the March 18-19 meeting, survey showed this month.

A Commerce Department report may show that retail sales stalled in September. Economists forecast no change in purchases, the worst reading in six months, after a 0.2 percent gain the previous month. Separate data at 10 a.m. will probably show consumer confidence declined this month.

BP gained 4.1 percent to 470.6 pence. Europe’s third-largest oil company raised its dividend by 5.6 percent to 9.5 cents a share. Profit adjusted for one-time items and inventory changes dropped to $3.7 billion from $5 billion a year earlier, beating the $3.4 billion average estimate of analysts.

OC Oerlikon Corp. (OERL) climbed 2 percent to 12.70 francs. The maker of textile machinery reported third-quarter earnings before interest and tax of 88 million francs, beating the 86 million francs analysts had forecast.

Deutsche Bank slid 2.5 percent to 35 euros after Europe’s biggest investment bank by revenue said that net income in the three months through September declined to 41 million euros ($56 million) from 747 million euros a year earlier. That missed the 430 million-euro average estimate of analysts.

FTSE 100 6,757.14 +31.32 +0.47%

CAC 40 4,265.31 +13.70 +0.32%

DAX 8,991.8 +13.15 +0.15%

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