By Barbara Kollmeyer
MADRID (MarketWatch) -- European stocks were clinging to gains
on Wednesday, supported by advances for ASML Holding NL and The
Sage Group PLC, both lifted by earnings. An International Monetary
Fund upgrade of its global-growth forecasts continued to boost
sentiment.
The Stoxx Europe 600 index rose 0.2% to 336.50, on track to
close at a six-year high if it remains at these levels. The index
closed at 335.76, up 0.1% on Tuesday, which saw a volatile day of
trading.
Shares of ASML Holding (ASMLD) topped the gainers list with a
4.6% rise after the Dutch semiconductor-equipment maker reiterated
its forecast for the first half of 2014 and posted a 62% rise in
fourth-quarter net profit.
Sage rose 2.8% as the business-software maker said trading
across all its regions remains in line with forecasts and it's on
course to deliver its 6% organic-revenue growth target in 2015.
On the downside, shares of ABB Ltd. fell nearly 4% after the
power-and-technology company said fourth-quarter earnings will be
hit by around $260 million in costs linked to North Sea-power
projects and restructuring.
An upgrade to global growth by the IMF on Tuesday continued to
inspire investors. U.K. economic data will come into focus later
with the release of minutes from the Bank of England and British
joblessness data. U.S. stock futures were pointing to a mixed start
for Wall Street with plenty of earnings due to keep investors
busy.
International Business Machines Corp. (IBM) shares fell in late
trading Tuesday after the company's fourth-quarter and full-year
earnings outlooks fell short of analysts estimates. Wall Street
stocks closed the day mostly higher, though earnings misses dragged
on the Dow industrials. (DJI)
Indexes struggled to stay positive across Europe, with gainers
just outpacing decliners. After a firmer open, the German DAX 30
index was flat at 9,732.71, and the French CAC 40 index rose 0.1%
to 4,329.55. The FTSE 100 index rose 0.3% to 6,851.81.
Shares of Allianz SE fell 1.5% in Frankfurt in the wake of
Tuesday's news that Mohamed A. El-Erian will step down from the
role of Chief Executive Officer for Pimco, after a year in which
the asset manager's flagship fund has seen $41.1 billion flow out.
Pimco's parent company is Allianz. The company said El-Erian will
stay on the international executive committee of Allianz and advise
its board of management on global economic and policy issues.
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