European stocks rally on Apple, Fiat earnings, SSL shares surge
Thursday, 22 July 2010
LONDON, July 21 (Bloomberg): European stocks climbed as companies from Apple Inc. to Fiat SpA and Accor SA reported better-than- estimated earnings. Asian shares and US index futures gained.
ARM Holdings Plc rallied 2.7 per cent after Apple posted a 78 per cent surge in third-quarter profit. Fiat rose more than 5 per cent after the carmaker's trading earnings topped analysts' forecasts. Accor surged 4.7 per cent after sales at Europe's largest hotel company beat estimates. SSL International Plc jumped 33 per cent after Reckitt Benckiser Group Plc agreed to buy the condom maker for 2.5 billion pounds ($3.83 billion).
The Stoxx Europe 600 Index rose 1.4 per cent to 249.71 at the 9 am in London. The benchmark gauge is still down 8.2 per cent from this year's high on April 15 on concern about the strength of the global economic recovery as indebted European governments slash spending.
US stocks rallied for a second day Tuesday, erasing earlier losses as speculation the Federal Reserve will take steps to spur lending and an increase in building permits sent homebuilders and commodity producers higher. Futures contracts on the Standard & Poor's 500 Index rose 0.3 per cent Wednesday, while the MSCI Asia Pacific Index gained 0.2 per cent.
ARM Holdings Plc rallied 2.7 per cent after Apple posted a 78 per cent surge in third-quarter profit. Fiat rose more than 5 per cent after the carmaker's trading earnings topped analysts' forecasts. Accor surged 4.7 per cent after sales at Europe's largest hotel company beat estimates. SSL International Plc jumped 33 per cent after Reckitt Benckiser Group Plc agreed to buy the condom maker for 2.5 billion pounds ($3.83 billion).
The Stoxx Europe 600 Index rose 1.4 per cent to 249.71 at the 9 am in London. The benchmark gauge is still down 8.2 per cent from this year's high on April 15 on concern about the strength of the global economic recovery as indebted European governments slash spending.
US stocks rallied for a second day Tuesday, erasing earlier losses as speculation the Federal Reserve will take steps to spur lending and an increase in building permits sent homebuilders and commodity producers higher. Futures contracts on the Standard & Poor's 500 Index rose 0.3 per cent Wednesday, while the MSCI Asia Pacific Index gained 0.2 per cent.