“European stocks rose for the first time in three days as Alcoa Inc. began the U.S. earnings season by posting sales that beat estimates, outweighing a report on German industrial production that missed estimates. U.S. index futures were little changed, while Asian shares climbed.
Telecom Italia SpA led a gauge of telecommunications companies higher after a report that mobile-phone operators discussed sharing their infrastructure across Europe. Delta Lloyd NV jumped 6.7 percent after Aviva Plc (AV/) sold its stake in the Dutch insurer. J Sainsbury Plc (SBRY) dropped 2.8 percent after reporting the slowest sales growth in eight years.
The Stoxx Europe 600 Index (SXXP) advanced 0.3 percent to 287.01 at 11:55 a.m. in London. The benchmark gauge last week surged to the highest level since February 2011 after U.S. lawmakers agreed on a compromise budget. Standard & Poor’s 500 Index futures increased less than 0.1 percent today, while the MSCI Asia Pacific Index added 0.4 percent.
“Alcoa’s results were good, especially the revenue numbers and forward guidance, as was the comment that demand inChina is coming back,” said Manish Singh, who helps manage more than $2 billion as head of investment at Crossbridge Capital in London. “U.S. earnings will probably beat expectations and this should lift European stocks.”
Alcoa, the largest U.S. aluminum producer, unofficially kicked off the earnings season late yesterday as it reported fourth-quarter sales of $5.9 billion, beating the $5.6 billion average analyst estimate in a Bloomberg survey….”
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