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06.08.2013 10:33

European stock close

European stocks advanced for a seventh day as companies such as Credit Agricole SA posted better-than-expected earnings, outweighing cuts in profit forecasts from Salzgitter AG and Lanxess AG. U.S. index futures were little changed, while Asian shares rose.

The Stoxx Europe 600 Index added 0.2 percent to 305.29 at 11:03 a.m. in London. The benchmark gauge rose every day last week, adding 1.8 percent in the period, as European Central Bank President Mario Draghi said interest rates in the euro zone will remain low for an extended period.

Federal Reserve Bank of Dallas President Richard Fisher, one of the most vocal critics of quantitative easing, warned investors not to rely on stimulus.

“Financial markets may have become too accustomed to what some have depicted as a Fed put,” or the idea that the central bank will loosen credit after a market decline, Fisher said yesterday in a speech in Portland, Oregon.

Still, “markets continue to ponder the Federal Reserve’s next move, with some speculation that next month’s tapering of quantitative easing may slip back following the weaker than expected non-farms on Friday,” Hunter said, referring to a U.S. report that showed employers added fewer workers in July than economists had forecast.

Credit Agricole increased 1.1 percent to 7.92 euros. France’s third-largest bank by market value said profit surged in the second quarter after the sale of its unprofitable Greek unit. Net income jumped to 696 million euros from a restated 56 million euros a year earlier, the lender said in a spreadsheet posted today on its website. Earnings beat the 481.6 million-euro average estimate of analysts surveyed.

InterContinental Hotels rose 2.9 percent to 1,964 pence after the world’s largest provider of hotel rooms reported first-half net income of $340 million, compared with $271 million a year earlier.

Royal DSM NV (DSM) added 5.5 percent to 55.57 euros. The Dutch chemical company posted second-quarter profit that beat analyst estimates after a $3.1 billion-acquisition spree and as it cut costs. Earnings before interest, taxes, depreciation and amortization jumped 19 percent to 345 million euros. That exceeded the 333 million-euro average estimate of 11 analysts.

FTSE 100 6,615.14 -4.44 -0.07%       

CAC 40 4,056.58 +6.61 +0.16%

DAX 8,420.02 +21.64 +0.26%

06.08.2013 12:00

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Market Focus

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  • 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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