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European stocks rose for a fourth day, extending a seven-week high, as companies from UBS AG to Royal Philips (PHIA) Electronics NV reported increased profit. U.S. index futures were little changed, while Asian shares climbed.
The Stoxx Europe 600 Index gained 0.2 percent to 300.38 at 10:45 a.m. in London. The gauge increased 1.2 percent last week on economic-growth data from China and assurances from the Federal Reserve that its stimulus program remains flexible.
A report at 10 a.m. New York time may show U.S. home sales climbed in June to the highest level since November 2009. Sales of previously owned homes rose to a 5.25 million annualized pace in June from 5.18 million the prior month, according to the median forecast of economists. On July 24, Commerce Department data will probably show purchases of new homes increased to a 485,000 pace last month, according to survey.
UBS (UBSN) advanced 3.6 percent to 18.24 Swiss francs, the highest since March 2011, after reporting second-quarter net income of 690 million francs ($734 million). The company also said it reached an agreement in principle with the U.S. Federal Housing Finance Agency to settle claims related to residential mortgage-backed securities offerings between 2004 and 2007.
Philips, the Dutch maker of LED lighting and electric toothbrushes, added 3.5 percent to 24.23 euros. Earnings before interest, taxes, amortization and one-time items amounted to 530 million euros ($697 million), compared with 408 million euros a year earlier. Profit matched the average estimate of 11 analysts surveyed by Bloomberg.
Banco Espirito Santo SA and Banco Comercial Portugues SA led Portuguese shares higher, jumping 7.7 percent to 66.8 euro cents and 5.6 percent to 9.5 cents, respectively. Cavaco Silva said the government of Prime Minister Pedro Passos Coelho has the support of a majority in parliament and will stay in office until its term ends in 2015.
Julius Baer Group Ltd. rallied 5.4 percent to 41.92 francs. Switzerland’s third-biggest wealth manager said increased client trading boosted margins as it integrated Merrill Lynch businesses acquired from Bank of America Corp. last year. The gross margin, which reflects how much the bank makes in revenue on managed client assets, rose to 102 basis points in the first half, from 98 basis points in the year-earlier period.
FTSE 100 6,623.87 -06.80 -0.10%
CAC 40 3,930.96 +5.64 +0.14%
DAX 8,331.79 +0.22 0.00%
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