“European stocks advanced for the first time this week as the region’s commodity producers rebounded from a 3 1/2-year low. U.S. index futures and Asian shares also climbed.
Anglo American Plc rose 1.4 percent as the mining company reported increased iron-ore production. L’Oreal SA (OR) gained 3.5 percent after revenue exceeded analysts’ estimates. SAP AG lost 3.1 percent after the largest maker of business-management software reported sales that trailed forecasts.
The Stoxx Europe 600 Index (SXXP) added 0.9 percent to 286.33 at 11:19 a.m. in London. The gauge has slipped 2.1 percent so far this week, its biggest drop in two weeks, as commodities fell amid worst-than-forecast economic data from China and the U.S.
“I believe in the growth story,” said Kevin Lilley, a fund manager at Old Mutual Asset Managers U.K. in London, which oversees about $6.1 billion. “I have been adding some cyclicality to my portfolio. We reached all-times highs in the U.S. equity market at a time when some of the economic data has been slightly disappointing, so it’s not surprising that the market has taken a breather this week.”
Standard & Poor’s 500 Index futures rose 0.7 percent today, while the MSCI Asia Pacific Index climbed 0.4 percent after China’s State Information Center said the economy will probably grow at a faster pace in the second and third quarters. In the U.S., 13 S&P 500-listed stocks, including General Electric Co. and McDonald’s Corp., release results today.
