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30.10.2013 11:15

European stock rose

European stocks rose to their highest level in more than five years as companies from Eni SpA (ENI) to Volkswagen AG posted profit that exceeded estimates. U.S. stock-index futures and Asian shares also gained.

The Stoxx Europe 600 Index increased 0.5 percent to 322.33 at 8:55 a.m. in London. The equity gauge has advanced 3.8 percent this month as U.S. lawmakers agreed to lift the federal debt ceiling and investors speculated that a worse-than-forecast payrolls report would delay a reduction in the Fed’s bond-buying program.

A report from the ADP Research Institute will probably show that U.S. companies added 150,000 workers in October, according to economists surveyed. That would be the lowest reading since May. Businesses hired a net 166,000 people in September.

The Federal Open Market Committee meets for a second day to discuss monetary policy. The 16-day shutdown of the U.S. government earlier this month will reduce economic growth by 0.3 percentage points this quarter at an annual rate. The central bank will probably delay lowering its $85 billion in monthly bond purchases until March 2014, economists forecast in the survey. The Fed announces its decision at 2 p.m. in Washington.

Eni rose 3.2 percent to 18.68 euros after the Italian oil producer posted adjusted net income of 1.17 billion euros ($1.6 billion) for the third quarter, more than the 998 million euros that analysts had predicted for the period.

Volkswagen gained 4 percent to 181.80 euros after posting quarterly earnings before interest and taxes that jumped 20 percent to 2.78 billion euros. That exceeded the average analyst estimate of 2.72 billion euros.

TomTom advanced 3.9 percent to 6.13 euros. The company forecast adjusted earnings of 25 euro cents a share this year. It had projected 20 euro cents apiece. TomTom also said that this year’s sales will approach the upper end of its 900 million euros to 950 million euros range.

Sanofi (SAN) lost 1.6 percent to 76.89 euros. The company said in August that earnings per share would drop between 7 percent and 10 percent in 2013. The drugmaker also reported third-quarter earnings today that fell to 1.79 billion euros from 2.2 billion euros a year earlier as a manufacturing glitch in

FTSE 100 6,807.6 +32.87 +0.49%

CAC 40 4,298.76 +20.67 +0.48%

DAX 9,054.93 +32.89 +0.36%

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