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02.08.2013 10:33

European stocks climbed for a fifth day

European stocks climbed for a fifth day, extending a nine-week high, as companies from Allianz SE to Axa SA reported earnings that beat estimates and investors awaited data that may show job gains in America.

Investors awaited the official U.S. payrolls report due at 8:30 a.m. in Washington. Employers added a net 185,000 workers in July, after hiring 195,000 in the previous month, according to the median estimate in a survey. Economists also predicted that the unemployment rate dropped to 7.5 percent.

UBS AG upgraded its rating of the equity markets in Europe, excluding the U.K., to neutral from underweight. The bank cited improving macro-economic momentum and availability of credit, coupled with reduced levels of fiscal austerity in the region.

Allianz advanced 1.4 percent to 120.55 euros. Europe’s largest insurer said second-quarter net income rose 27 percent to 1.59 billion euros ($2.1 billion) from a year earlier. That exceeded the 1.33 billion-euro average estimate of 12 analysts surveyed by Bloomberg. The company also said the top end of its target range for operating profit this year.

“We are maintaining our operating-profit outlook for 2013 of 9.2 billion euros, plus or minus 500 million euros, although based on our current projections, we see the figure more toward the upper end of this range,” CEO Michael Diekmann said.

AXA SA climbed 3.4 percent to 17.33 euros, its highest price since April 2010. Europe’s second-largest insurer posted first-half operating income of 2.58 billion euros, above the 2.38 billion-euro average forecast. Net income fell a less-than-estimated 3 percent.

FTSE 100 6,675.01 -6.97 -0.10%

CAC 40 4,051.7 +8.97 +0.22%

DAX 8,418.52 +7.79 +0.09%

02.08.2013 12:00

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