European Shares Rise on Earnings, China Manufacturing Data


European stocks gained amid corporate earnings and China manufacturing data.

HSBC's preliminary "flash" PMI was 50.9, topping the 50.4 median estimate from analysts surveyed by Bloomberg News.

However, gains were limited after an advance reading of a composite index for euro-area manufacturing and services dropped to 51.5 this month from 52.2 in September. The median economist forecast was for an increase to 52.4.

In ADR news, ABB ( ABB ) said Q3 net income rose to $835 million. The average estimate of analysts surveyed by Bloomberg was for $789.4 million.

Credit Suisse Group AG ( CS ) reported Q3 net income rose to 454 million francs ($509 million) from a year earlier as an accounting charge related to the bank's own debt wasn't repeated. Earnings missed the 724 million-franc average forecast of analysts.

Ericsson ( ERIC ) said Q3 net income rose to 2.92 billion kronor. Analysts had predicted 3.07 billion kronor. Sales fell 2.9 percent to 53 billion kronor, trailing the average estimate of 54.3 billion kronor.

Aixtron SE ( AIXG ) said Q3 revenue was 46.2 million euros, missing analysts' projections of 51.4 million. It also said it will sell 10.2 million shares in an accelerated bookbuild.

Portugal Telecom ( PT ) was in focus as Caixa Geral de Depositos SA sold a 6.11% stake in the company for 190.6 million euros. The state-owned lender held a 6.31% stake at the end of June, according to PT's website.

The FTSE-100 was last up 0.58% at 6,713.18, the DAX up 0.68% at 8,980.63 and the CAC-40 up 0.35% at 4,275.69.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: ABB , AIXG , CS , ERIC , PT

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