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European Stocks Rise as Earnings Beat Estimates; Vivendi Gains Nov. 3 (Bloomberg) -- Euro... European Stocks Rise as Earnings
Nov. 3 (Bloomberg) -- European stocks rose, sending the Dow Jones Stoxx 600 Index toward its biggest five-day gain since 2003. Vivendi Universal SA and Imperial Chemical Industries Plc earnings beat analysts' estimates, stoking speculation profit growth will rise.
The Stoxx 600 added 0.7 percent to 293.57 as of 10:59 a.m. in London. The Stoxx 50 also gained 0.7 percent, while the Euro Stoxx 50, a gauge for the 12 countries using the euro, rose 0.6 percent.
Technology stocks including ASML Holding NV gained after Samsung Electronics Co. raised its sales forecast, and mining shares such as Rio Tinto Group increased as metal prices advanced. Adidas-Salomon AG rose after predicting higher earnings.
Twelve of the 18 members of the Stoxx 50 reporting earnings so far have exceeded analysts' expectations. That's more than two- thirds and up from 60 percent in the previous quarter.
National benchmarks climbed in all 18 of the Western European markets that were open except Austria, Finland and Iceland. France's CAC 40 Index added 0.9 percent, and the U.K.'s FTSE 100 Index rose 0.6 percent. Germany's DAX Index gained 0.5 percent.
The pan-European Stoxx 600 has gained 3.4 percent in five days, the biggest such advance since a 5.2 percent climb in the period ending June 2, 2003.
Crude oil traded near a three-month low after a report showed U.S. stockpiles increased last week. Crude for December delivery added 8 cents to $59.83 a barrel on the New York Mercantile Exchange.
Vivendi, owner of the world's largest record company and France's second-largest mobile-phone operator, added 1.8 percent to 26.56 euros. The company posted third-quarter sales of 4.87 billion euros ($5.87 billion), beating the 4.76 billion euro-median estimate of seven analysts in a Bloomberg survey.
Imperial Chemical, the U.K.'s largest specialty chemical maker, climbed the most in the Stoxx 600, adding 6.5 percent to 313 pence. The company said third-quarter net income fell 6.7 percent to 98 million pounds ($174 million) as costs increased. That beat the 91 million pound-median estimate of six analysts surveyed by Bloomberg News.
ASML, Europe's largest maker of equipment used to produce semiconductors, gained 3.2 percent to 14.81 euros. Infineon Technologies AG, Europe's largest chipmaker, climbed 1.9 percent to 8.01 euros.
Samsung, the world's largest computer-memory chipmaker, said it expects global sales of NAND flash memory chips, used in MP3 music players and digital cameras, to rise 15 percent next year.
Qualcomm, the world's second-largest maker of mobile-telephone chips, expects profit, excluding some costs, in the fiscal first quarter will be 36 cents to 38 cents a share. Analysts surveyed by Thomson expected profit of 35 cents.
Rio Tinto, the world's third-biggest mining company, added 1.6 percent to 2,226 pence. BHP Billiton, the largest, added 1.1 percent to 846.5 pence.
Copper futures in Shanghai rose for a third day amid speculation any sales from China's stockpiles may not be enough to damp demand for the metal.
Adidas, which is buying Reebok International Ltd., rose 2.7 percent to 145.89 euros. The company said net income will gain at least 20 percent this year from 314 million euros and sales will advance in the ``high single-digit'' percentage range instead of in the ``mid-single digits,'' the company said today in an e-mailed statement, as demand in the U.S. picked up and orders for next year's World Cup soccer tournament increased.
Unilever, the maker of Dove soap and Lipton tea, dropped 5.3 percent to 550 pence. Excluding the 448 million-euro gain from the sale of the fragrance unit, profit fell 11 percent, the company said. Unilever's operating margin was 15.6 percent in the quarter, 1.4 percentage points lower than a year ago because of the higher advertising spending.
Nokian Renkaat Oyj, the biggest Nordic tiremaker, dropped 20 percent to 10.20 euros. The company said third-quarter earnings fell 37 percent because of growth in inventories and expenses related to a Russian factory.
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