European
stocks climbed as improving earnings and economic indicators outweighed
losses in Greek shares that resumed trading after a five-week
suspension.
Heineken
NV and Commerzbank AG climbed at least 2.3 percent after their results
beat estimates. TomTom NV added 2 percent after people familiar with the
matter said it’s exploring options that could lead to a sale. National
Bank of Greece SA and Piraeus Bank SA slumped 30 percent, leading a
record 16 percent drop in the ASE Index, as trading resumed with
restrictions in place.
The
Stoxx Europe 600 Index rose 0.8 percent to 399.44 at the close of
trading. The equity measure earlier extended an advance after final
readings showed output in Germany and the euro region increased more
than initially estimated.
The
Stoxx 600 capped its longest winning streak in two weeks, after
climbing 4 percent in July as concern over Greece faded and companies
announced deals and earnings. It briefly pared gains on Monday after a
report showed U.S. manufacturing expanded less than forecast this month.
Among
other stocks moving on corporate news, PostNL NV jumped 6.8 percent
after posting profit that beat predictions. Rolls-Royce Holdings Plc
gained 5.9 percent after people familiar with the matter said activist
fund ValueAct Capital Management sees substantial potential for its
profit growth. Abengoa SA tumbled 31 percent after announcing a capital
increase.
Commodity
shares fell the most among 19 Stoxx 600 groups, with Anglo American Plc
and Glencore Plc declining more than 3.6 percent. Reports on Chinese
manufacturing signaled a slowdown is deepening in the world’s
second-biggest economy.
Source: Bloomberg
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