EU equities flounder ahead of rate decisions

European stocks climbed as a rally in auto-industry shares and Aviva Plc outweighed declines in food makers after Unilever missed sales forecasts. Asian shares advanced and U.S. index futures were little changed.

Nokian Renkaat Oyj, the Nordic region’s largest tire maker, rallied 8.3 percent after posting better-than-estimated earnings. Aviva, the U.K.’s second-biggest insurer, surged 6.7 percent as first-half profit increased 21 percent. Unilever, the world’s second-largest maker of consumer goods, declined 3.6 percent. Barclays Plc slipped 2.8 percent after revenue at its investment banking operations declined.

The benchmark Stoxx Europe 600 Index rose 0.4 percent to 263.12 at 10:54 a.m. in London, having swung between gains and losses at least five times. The gauge has advanced 13 percent from this year’s low on May 25 as concern eased that Europe’s sovereign debt crisis may derail the economic recovery. More than 25 companies in the Stoxx 600 reported results today.


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Dean Popplewell

Dean Popplewell

Vice-President of Market Analysis at MarketPulse
Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.
Dean Popplewell