Bloomberg ( 21/10 ) -- Most European stocks gained, extending a
five-year high for the Stoxx Europe 600 Index, as investors speculated
the Federal Reserve will delay stimulus reductions until March. U.S.
futures and Asian shares advanced. Royal Philips NV rose 5.1
percent after posting third-quarter profit that surpassed analysts’
estimates. Akzo Nobel NV gained 4.9 percent after the Dutch maker of
Dulux paint reported earnings that exceeded projections. Actelion Ltd.
rallied 4.3 percent as its lung drug Opsumit won U.S. approval. SAP AG
added 4.3 percent after reporting results.The Stoxx 600 advanced
0.1 percent to 318.67 at 8:07 a.m. in London, as three shares gained
for every two that fell. The benchmark gauge rose 2.2 percent last week
as U.S. lawmakers agreed to extend the government’s borrowing authority
until early 2014 and ended the first partial government shutdown in 17
years. Standard & Poor’s 500 Index futures added 0.1 percent, and
the MSCI Asia Pacific Index increased 0.2 percent. The Fed will
postpone a cut to its monthly bond-buying program until March after the
16-day government shutdown trimmed fourth-quarter economic growth by 0.3
percentage point and disrupted the flow of data, according to the
median forecast of economists in a Bloomberg survey conducted Oct.
17-18. Policy makers will taper asset purchases to $70 billion from $85
billion, the poll forecast.
