European stocks advanced as earnings reports from Fiat SpA to Apple Inc reassured investors that the global economic recovery is intact amid signs the region is weathering the sovereign debt crisis.
Fiat rallied as the carmaker reported its first profit in three quarters. Rio Tinto Group led a gauge of basic-resource stocks to the best performance among 19 industry groups in the STOXX Europe 600 Index as Europe＊s manufacturing and services industries unexpectedly grew. SSL International PLC soared 33 percent after Reckitt Benckiser PLC agreed to buy the maker of Durex condoms for ﹟2.54 billion (US$3.9 billion).
The STOXX 600 climbed 3.2 percent to 255.97 this week. The gauge plunged 15 from the this year＊s high on April 15 through the lowest level reached on May 25 amid concern that governments＊ attempts to trim their budget deficits will curb economic growth. The measure has since rallied 10 percent.
※The season has certainly got off to a good start,§ said Piers Hillier, who manages US$12 billion as the chief investment officer of Liverpool Victoria Asset management in London. ※Perhaps unsurprisingly given the macro backdrop, companies have been a little bit more cautious with outlook statements.§
A composite index based on a survey of euro-area services and manufacturing purchasing managers increased to 56.7 this month from 56 last month, Markit Economics said on Thursday. Economists had projected a drop to 55.5, according to a Bloomberg survey. A reading above 50 indicates expansion.
The UK economy grew at the fastest pace in four years in the second quarter as rebounding services, manufacturing and construction ignited the recovery, the Office for National Statistics said on Friday.
Fiat rallied 6.9 percent. 〝Second-quarter net income was 90 million euros (US$116 million), compared with a 168 million-euro loss a year earlier.
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