Bloomberg (24/10) --- European stocks
advanced as investors weighed corporate results and China’s
manufacturing strengthened more than forecast. U.S. index futures and
Asian shares also rose.Daimler AG added 1.8 percent after reporting third-quarter earnings that topped analysts’ estimates. ABB Ltd. (ABBN)
climbed 3.6 percent after posting net income that beat projections.
Celesio AG jumped 4.6 percent after McKesson Corp. agreed to buy the
German drug wholesaler for 3.9 billion euros ($5.4 billion). Credit Suisse Group AG (CSGN) lost 2 percent after the second-biggest Swiss bank posted profit that missed analysts’ estimates.The Stoxx Europe 600 Index added 0.3 percent to 319.93 at 8:08 a.m. in London.
The gauge slid 0.6 percent yesterday, ending its longest rally since
June 2010, as companies reported lower sales. The index has risen 3
percent this month as U.S. lawmakers agreed to extend the government’s
borrowing authority until 2014. Standard & Poor’s 500 Index futures
gained 0.3 percent today and the MSCI Asia Pacific Index rose 0.2
percent.China’s
manufacturing strengthened this month more than anticipated, a sign the
recovery is gaining momentum as leaders struggle with surging home
prices and local-government debt. The preliminary 50.9 reading for a Purchasing Managers’ Index released today by HSBC Holdings Plc and Markit Economics compared with a 50.4 median estimate from analysts surveyed by Bloomberg News. Readings above 50 indicate expansion.An advance reading of a composite index
for euro-area manufacturing and services due for release at 10 a.m.
Frankfurt time will probably show an increase to 52.4 this month from
52.2 in September, according to analysts in a Bloomberg survey. That
would be the highest since June 2011.
