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Most European Stocks Rise as ING Earnings Beat Estimates

By Namitha Jagadeesh - May 8, 2013


Most European stocks climbed, after the Stoxx Europe 600 Index rose yesterday to its highest since June 2008, as companies from ING Groep NV (INGA) to Deutsche Telekom AG (DTE) posted quarterly earnings that beat estimates. U.S. index futures were little changed, while Asian shares gained.

ING jumped 3.4 percent and Deutsche Telekom added 2.1 percent. Delhaize Group SA advanced 3 percent after saying its chief executive officer will step down by the end of this year. Telefonica SA lost 1.8 percent after Spain’s largest phone company posted earnings that missed analysts’ estimates.

The Stoxx 600 climbed 0.2 percent to 302.36 at 8:29 a.m. in London as five stocks advanced for every two that retreated. The equity benchmark rallied yesterday to its highest level since June 2008 amid better-than-expected corporate earnings, while the Dow Jones Industrial Average (INDU) closed above 15,000 for the first time. Futures on the Standard & Poor’s 500 Index slipped less than 0.1 percent, while the MSCI Asia Pacific Index surged 0.9 percent.

“A strong finish in the U.S. and a surge in Chinese trade growth is likely to keep the bulls ticking over,” Jonathan Sudaria, a trader at Capital Spreads in London, wrote in a note. “Unlike previous rallies to all-time highs, the bulls still appear a long way off from irrational exuberance. Whilst overt bullishness marked the top in 2007, the lack of it in 2013 may point towards higher prices.”

China’s Exports

In China, a report from the General Administration of Customs showed that exports rose 14.7 percent in April. That exceeded the 9.2 percent median forecast of analysts surveyed by Bloomberg. Imports (CNFRIMPY) climbed 16.8 percent, compared with the average projection of 13 percent. The trade surplus for the world’s second-largest economy widened to $18.2 billion.

MORE - http://www.bloomberg.com/news/2013-05-08/european-stock-futures-little-changed-amid-ing-earnings.html