European stocks advanced Thursday after Nokia Corp., Societe Generale SA and Unilever SA reported earnings that beat analysts’ estimates.
“Markets are finding a bottom,” said Gunther Westen, head of asset allocation and fund management at WestLB Mellon Asset Management in Dusseldorf, Germany. “The fundamental situation is still very good in Europe and not too bad in the U.S.”
The Dow Jones Stoxx 600 index advanced 0.7 percent, as 15 of 18 industry groups gained. The Stoxx 50 added 0.9 percent, while the Euro Stoxx 50, a measure for the euro region, increased 1.2 percent. National benchmarks rose in all 18 Western European markets except Luxembourg and Switzerland.
ASIA RECOVERS: Asian stocks rose, recovering from earlier losses, after higher profits from Astellas Pharma Inc. and Chi Mei Optoelectronics Corp. helped counter concern that the subprime loans crisis in the U.S. is spreading.
The Morgan Stanley Capital International Asia Pacific index added 0.2 percent. Japan’s Nikkei 225 index added 0.7 percent, while the Topix index ended little changed. China’s CSI 300 index jumped 3.4 percent, Asia’s biggest advance, on speculation that corporate earnings growth will be sustained.
