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European stocks advanced for a fourth day, posting the longest winning streak in five weeks, after a report signaled Chinese manufacturing expanded for the first time in 13 months.
SABMiller Plc (SAB), the world’s second-largest brewer, jumped the most in 13 months after reporting first-half profit that beat estimates. Daily Mail & General Trust Plc (DMGO), publisher of Britain’s Daily Mail newspaper, surged the most in three years after announcing a share buyback. Swedbank AB (SWEDA), Sweden’s third- biggest bank, dropped 1.3 percent.
The Stoxx Europe 600 Index rose 0.6 percent to 271.68, a two-week high, at 3:35 p.m. in London.
A PMI released today by HSBC Holdings Plc and Markit Economics showed a preliminary reading of 50.4 for November, adding to signs that growth in the world’s second-largest economy is rebounding after a seven-quarter slowdown. That compared with a final level of 49.5 in October. A reading above 50 indicates expansion.
Euro-area factory output contracted less than economists had estimated, another Markit report showed. The measure of manufacturing climbed to 46.2 this month from 45.4 in October. That beat the average economist estimate of 45.6. Separate manufacturing PMIs for Germany and France, Europe’s two biggest economies, also beat projections.
National benchmark indexes climbed in all of the 18 western-European markets.
FTSE 100 5,788.96 +36.93 +0.64 CAC 40 3,497.74 +20.38 +0.59% DAX 7,243.66 +58.95 +0.82%
SABMiller advanced 6.2 percent to 2,795 pence, for the biggest increase since October 2011. Earnings before interest, taxes and amortization, excluding some items, rose 17 percent to $3.17 billion, the company said. That compared with the $3.1 billion median estimate of analysts.
Daily Mail climbed 11 percent to 525.5 pence, heading toward the biggest rally since September 2009. The company said it will buy back shares for as much as as much as 100 million pounds ($160 million). Daily Mail also said its net debt dropped to 613 million pounds in the year ended Sept. 30, from 719 million pounds 12 months earlier.
Nokia Oyj (NOK1V) climbed 1.6 percent to 2.53 euros, the highest price since Aug. 28, as Danske Bank A/S raised the stock to buy from sell and more than doubled its price estimate to 2.90 euros. Danske said Nokia’s 2013 outlook continues to improve.
EasyJet Plc (EZJ) added 1.8 percent to 694 pence after Barclays Plc raised Europe’s second-biggest discount airline to equal weight, a recommendation similar to hold, from underweight, saying the company improved both “revenue and non-fuel cost fundamentals.”
Air France-KLM (AF) Group advanced 2.6 percent to 6.78 euros and Deutsche Lufthansa AG (LHA) rose 4.3 percent to 12.45 euros. Barclays raised its price estimates for the airlines by 58 percent to 6.30 euros and 12 percent to 11.50 euros, respectively, citing lower restructuring risk.
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