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30.01.2014 18:20

European stock close

European stocks rose, paring this month’s loss for the Stoxx Europe 600 Index (EC11CHPM), as companies from Givaudan SA (GIVN) to Hennes & Mauritz AB (HMB) reported earnings.

The Stoxx 600 added 0.3 percent. The index today lost as much as 0.7 percent before rising as much as 0.6 percent. The index is heading for the biggest decline since June. European shares have fallen 1.5 percent in January as emerging-market currencies slid, fueling concern the global economic recovery is faltering. The gauge rallied 17 percent last year, the most since 2009.

A report today showed that a gauge of pending home sales fell 8.7 percent in December, following a revised 0.3 percent drop the previous month. The median projection of economists called for a 0.3 percent decline.

Separate data earlier showed the U.S. economy expanded at a 3.2 percent annualized rate in the fourth quarter, in line with the median forecast of economists. Another report showed more Americans than predicted filed applications for jobless benefits in the week ended Jan. 25.

The Federal Open Market Committee said yesterday it will cut monthly bond purchases by $10 billion to $65 billion, sticking to a plan for a gradual withdrawal from its unprecedented monetary easing. It was the first meeting without a dissent since June 2011. The Fed reiterated that it will probably hold its target interest rate near zero “well past the time” that unemployment falls below 6.5 percent.

A Chinese manufacturing gauge signaled the first contraction since July. A purchasing managers’ Index fell to 49.5 this month from 50.5 in December, HSBC Holdings Plc (HSBA) and Markit Economics said in a statement. The reading compared with the median 49.6 estimate of economists. A number below 50 indicates contraction.

National benchmark indexes advanced in 11 of the 18 western-European markets today.

FTSE 100 6,538.45 -5.83 -0.09% CAC 40 4,180.02 +23.04 +0.55% DAX 9,373.48 +36.75 +0.39%

Givaudan gained 6.5 percent to 1,344 Swiss francs. The world’s largest maker of flavors and fragrances said 2013 net income was 490 million francs ($543 million), exceeding the 464.5 million-franc analyst projection. The company said it will pay a dividend of 47 francs a share, beating the forecast of 42 francs.

Roche advanced 4.2 percent to 249.10 francs. The company said revenue will rise by a low to mid-single-digit percentage this year and profit will increase faster as sales climb for its biggest cancer drugs and a slate of new therapies. Roche also said net income last year gained 18 percent to 11.4 billion francs.

Ericsson AB rose 3.5 percent to 80.10 kronor. The world’s largest maker of wireless networks said gross ">H&M dropped 3.6 percent to 276.90 kronor. Europe’s second-biggest clothing retailer reported fourth-quarter net income of 5.61 billion kronor ($869 million), less than the average analyst projection of 6 billion kronor.

Serco Group Plc (SRP) slumped 17 percent to 423.5 pence. The U.K. services provider said it expects a 2013 revenue decline because it won fewer contracts.

Tod’s SpA dropped 8.1 percent to 101.20 euros after the retailer said fourth-quarter revenue was 214.9 million euros ($291.3 million), missing estimates.

TeliaSonera AB lost 2.8 percent to 48.77 kronor. Sweden’s largest phone operator said fourth-quarter net income fell to 2.19 billion kronor, trailing analyst estimates that called for a profit of 3.07 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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