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24.04.2013 10:31

European stocks climbed for a fourth day

European stocks climbed for a fourth day as commodity producers rallied with metal prices and companies including PSA Peugeot Citroen reported earnings that topped estimates.

German business confidence fell for a second month in April after winter weather hindered the recovery in Europe's largest economy. The Ifo institute in Munich said today that its business climate index, based on a survey of 7,000 executives, dropped to 104.4 from 106.7 in March. Economists forecast a decline to 106.2, according to the median of 44 estimates.

A gauge of basic resources companies rose the most of the 19 industry groups on the Stoxx 600 as base metals rebounded. Rio Tinto added 3.8 percent to 3,019.5 pence. Kazakhmys Plc surged 6.8 percent to 357.8 pence. BHP Billiton Ltd., the world's largest mining company, gained 2.2 percent to 1,819.5 pence in London.

Peugeot advanced 8 percent to 5.88 euros. Europe's second biggest carmaker reported a 6.5 percent drop in first-quarter revenue to 13 billion euros ($16.9 billion) as delivery growth abroad failed to offset a recession in its home region. Revenue still beat the 12.7 billion-euro average estimate of analyst estimates.

Jeronimo Martin increased 4.8 percent to 17.76 euros in Lisbon, its highest price since at least February 1993, after the retailer reported first-quarter revenue of 2.77 billion euros, beating the average analyst estimate of 2.71 billion euros. Earnings also beat analyst estimates as the company maintained its 2013 outlook.

FTSE 100 6,407.18 +1.06 +0.02 %

CAC 40 3,798.19 +15.14 +0.40 %

DAX 7,693.47 +35.26 +0.46 %

Market Focus

  • The eurozone started the third quarter on a solid footing, according to PMI survey data
  • Earnings Season in U.S.: Major Reports of the Week
  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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