European stocks advanced as companies from ABB Ltd. (ABBN) to Daimler AG posted earnings that beat estimates, while a report showed China’s manufacturing strengthened this month more than forecast. The Stoxx Europe 600 Index added 0.2%. The index has risen 2.9 percent this month.
European equities pared gains after the advance reading of a composite index for euro-area manufacturing and services dropped to 51.5 this month from 52.2 in September. The median economist forecast had called for an increase to 52.4.
ABB added 3.3%. The biggest maker of power transformers reported third-quarter net income rose to $835 million. The average estimate of analysts was for $789.4 million.
Daimler added 3.3% also. The world’s third-largest maker of luxury vehicles said third-quarter earnings before interest and taxes rose 16% to 2.23 billion euros, surpassing the 2.09 billion euros estimated by analysts.
Celesio AG rose 5.6% after McKesson Corp. agreed to buy the German drug wholesaler for 3.9 billion euros ($5.4 billion). Credit Suisse Group AG lost 2.6% after the second-biggest Swiss bank posted profit that missed analysts’ estimates.
SEB AB gained 2.1%. Sweden’s fourth-biggest bank by market value posted third-quarter net income of 3.75 billion kronor ($589 million), exceeding analysts’ projections for 3.39 billion kronor.
Ericsson AB (ERICB) slid 6.8%. The largest maker of wireless-network equipment reported profit and sales that missed analysts’ estimates as competition intensified and carriers slowed investments to expand and upgrade networks.
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