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24.07.2013 17:25

European stocks close

European stocks rose to an almost eight-week high as data signaled Germany is leading a revival in euro-area manufacturing and companies posted results that exceeded estimates.

Preliminary data today showed euro-area manufacturing is expanding this month for the first time since July 2011. A manufacturing index based on a survey of purchasing managers increased to 50.1 from 48.8 in June, Markit Economics said. Economists in a survey had predicted 49.1. A reading of 50 is the dividing line between expansion and contraction.

In Germany, manufacturing unexpectedly expanded in July and services growth accelerated.

National benchmark indexes climbed in all 18 western European markets today, except Greece. The U.K.’s FTSE 100 added 0.4 percent, while Germany’s DAX gained 0.8 percent and France’s CAC 40 rose 1 percent.

Volvo gained 5 percent to 97.90 kronor. Second-quarter earnings before interest and taxes of 3.26 billion kronor ($505 million) exceeded the 3.22 billion-kronor average analyst estimate in a survey. Revenue increased to 72.8 billion kronor, compared with the 71.6 billion kronor average estimate.

EasyJet advanced 3.7 percent to 1,385 pence. Europe’s second-largest discount airline said third-quarter sales rose 11 percent and that full-year earnings should beat analyst estimates as it adds customers on routes where network carriers are withdrawing.

Ryanair Holdings Plc, which posts quarterly results next week, rose 4.8 percent to 7.37 euros in Dublin. A gauge of travel and leisure companies posted the best performance on the Stoxx 600.

Syngenta, the biggest maker of crop chemicals, fell 4 percent to 371 Swiss francs, its largest decline since September 2011. Adjusted earnings of $15.92 a share in the first half missed the average analyst projection for $17.15, as cold weather across Germany and the U.S. hurt demand for its fungicides.

Market Focus

  • Euro Area trade balance surplus declined significantly in August
  • Consumer prices in China were up 1.6 percent on year in September,
  • US consumer sentiment surged in early October, reaching its highest level since the start of 2004 says UoM
  • Earnings Season in U.S.: Major Reports of the Week
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