European stocks advanced, reversing earlier losses, as data showed euro-area manufacturing and services are accelerating this month and as investors weighed earnings from Nokia Oyj to BASF SE. U.S. stock-index futures and Asian shares were little changed.
Nokia Oyj jumped to a three-year high after it posted second-quarter earnings that topped estimates. Roche Holding AG rose 1.2 percent after confirming its full-year forecast. Danske Bank A/S rallied to a six-year high after raising its annual earnings projection. BASF SE fell 3.5 percent as earnings trailed analysts’ predictions.
The Stoxx Europe 600 Index climbed 0.2 percent to 343.59 at 9:33 a.m. in London. The equity gauge has added 1.2 percent so far this week as concern over the crisis in Ukraine eased. Standard & Poor’s 500 Index futures gains 0.1 percent today, while the MSCI Asia Pacific Index added less than 0.1 percent.
Euro-area manufacturing and services activity strengthened in July in a sign that a recovery in the 18-nation region is gathering pace. A combined purchasing managers index for both industries jumped to 54 this month from 52.8 in June, matching a three-year high reached in April, Markit Economics said. Economists in a Bloomberg survey had predicted an unchanged reading of 52.8. Numbers above 50 indicate expansion.
A manufacturing gauge in China rose to an 18-month high in July, adding to signs the economy will meet its 2014 growth target of about 7.5 percent. A preliminary PMI from HSBC Holdings Plc and Markit Economics came in at 52, compared with the median estimate of 51.
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