European
stocks rose, extending their highest level in more than five weeks, as
companies from Vodafone Group Plc to Henkel AG rallied on
better-than-estimated financial results and improving forecasts.
Vodafone
advanced the most in 14 months after saying services revenue fell
slower than analysts estimated. That pushed a gauge of
telecommunications companies to the highest level since March 2008.
Henkel gained 4.6 percent after also raising its full-year margin
projection.
The
benchmark Stoxx Europe 600 Index climbed 0.4 percent to 338.93 at the
close of trading, after briefly paring gains as the U.S. equity markets
opened. The measure has rebounded 9.3 percent from this years low on
Oct. 16 as the Bank of Japan unexpectedly boosted its stimulus and most
lenders in Europe passed tests of their capital strength.
Earnings
have driven investor sentiment yesterday and today in the absence of
major economic reports. Analysts expect earnings of the gauges companies
to grow 7.5 percent this year, up from their October projection of 7.2
percent.
Source : Bloomberg
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