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24.10.2013 17:21

European stock close

European stocks advanced as companies from ABB (ABBN) Ltd. to Daimler AG posted earnings that beat estimates, while a report showed China’s manufacturing strengthened this month more than forecast.

The Stoxx Europe 600 Index increased 0.4 percent to 320.31 at the close of trading in London. The equity benchmark slid 0.6 percent yesterday, ending its longest rally since June 2010, as companies reported lower sales. The index has risen 3.2 percent this month as U.S. lawmakers agreed to extend the government’s borrowing authority until 2014.

In China, the preliminary reading of a manufacturing gauge climbed more than forecast. The reading of 50.9 for the purchasing managers’ index from HSBC Holdings Plc and Markit Economics beat the 50.4 median estimate from analysts. Readings above 50 indicate expansion.

National benchmark indexes advanced in 15 of the 18 Western-European markets.

FTSE 100 6,713.18 +38.70 +0.58% CAC 40 4,275.69 +15.03 +0.35% DAX 8,980.63 +60.77 +0.68%  

European equities briefly 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 5 percent to 23.05 Swiss francs. The world’s biggest maker of power transformers reported that third-quarter net income rose to $835 million. The average estimate of analysts had called for $789 million.

Daimler climbed 3.3 percent to 60.29 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, beating the 2.09 billion euros estimated by analysts surveyed.

Celesio jumped 5.4 percent to 22.90 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. The shares have surged 34 percent since Oct. 7, the day before a person familiar with the matter said McKesson (MCK) had begun talks with Celesio’s biggest investor, Franz Haniel & Cie. GmbH.

Ophir Energy Plc surged 9.5 percent to 327.9 pence, its biggest gain since Mar. 5. The U.K. oil and gas explorer said it has started talks to sell assets in Tanzania.

Banco de Sabadell SA rose 5.6 percent to 1.89 euros. Spain’s fifth-biggest bank said net interest income, a gauge of its main lending business, increased to 451.2 million euros in the third quarter from 414.6 million euros in the preceding three months.

DNB ASA (DNB) climbed 5.9 percent to 104.10 kroner, its highest price since at least 1992. Norway’s largest bank said third-quarter net income rose 38 percent after net interest income increased and loan losses declined.

SEB AB gained 2.4 percent to 77.10 kronor. Sweden’s fourth-biggest bank by market value posted third-quarter profit of 3.75 billion kronor ($589 million), exceeding the average analyst projection of 3.39 billion kronor.

Market Focus

  • The eurozone started the third quarter on a solid footing, according to PMI survey data
  • 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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