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24.10.2013 10:31

European stocks advanced

European stocks advanced as companies from ABB Ltd. to Daimler AG posted earnings that beat estimates, while a report showed China’s manufacturing strengthened this month more than forecast. U.S. index futures rose, while Asian shares were little changed.

In China, the preliminary reading of a manufacturing gauge climbed more than forecast, a sign the recovery is gaining momentum. The reading of 50.9 for the purchasing managers’ index released today by HSBC Holdings Plc and Markit Economics beat the 50.4 median estimate from analysts surveyed by Bloomberg News. Readings above 50 indicate expansion.

European equities pared gains after the advance reading of a composite index for euro-area manufacturing and services dropped to 51.5 this month from 52.2 in September. The median economist forecast had called for an increase to 52.4.

ABB added 3.3 percent to 22.69 Swiss francs. The biggest maker of power transformers reported third-quarter net income rose to $835 million. The average estimate of analysts surveyed by Bloomberg was for $789.4 million.

Daimler added 3.3 percent to 60.28 euros. The world’s third-largest maker of luxury vehicles said third-quarter earnings before interest and taxes rose 16 percent to 2.23 billion euros, surpassing the 2.09 billion euros estimated by analysts.

Celesio jumped 5.6 percent to 22.95 euros. McKesson, the largest U.S. pharmaceutical distributor, agreed to buy a majority stake in the German company and make a tender offer for the remaining publicly traded stock to boost its share of the growing global generic-drug market. Celesio has surged 34 percent since Oct. 7, a day before the deal was first reported to be under discussion.

FTSE 100 6,705.48 +31.00 +0.46%

CAC 40 4,270.54 +9.88 +0.23%

DAX 8,983.77 +63.91 +0.72%

24.10.2013 12:00

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Market Focus

  • U.S. commercial crude oil inventories decreased by 2.5 million barrels from the previous week
  • Canada: Retail Sales, m/m, November 0.2% (forecast 0.5%)
  • U.S.: Nonfarm Payrolls, January 227 (forecast 175)
  • Eurozone: Consumer Confidence, January -4.9
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