European stocks climbed for a fifth day as Nestle SA posted sales growth that beat estimates and a report showed China’s inflation cooled, increasing speculation that policy makers will do more to stimulate the economy. U.S. index futures and Asian shares rose.
Nestle SA, which accounts for more than 3 percent of the Stoxx Europe 600 Index (SXXP), advanced 2 percent as higher prices helped increase the company’s revenue in Europe and the Americas. Deutsche Telekom AG (DTE) gained 0.9 percent after reporting second-quarter earnings that beat analysts’ estimates. Commerzbank AG (CBK) fell 3.1 percent after forecasting that net income in the second half will be lower than in the first half.
The Stoxx 600 added 0.3 percent to 270.07 at 8:37 a.m. in London. The gauge has rallied 15 percent since its 2012 low on June 4, with nine straight weeks of gains, as policy makers eased repayment terms for Spanish lenders and optimism grew that central banks will add more stimulus. Standard & Poor’s 500 Index futures rose 0.2 percent and the MSCI Asia Pacific Index climbed 0.9 percent.
SABIC contributes to national development
The Saudi Basic Industries Corporation (SABIC) sponsored the Industrial Innovation Award which was presented to developers of new ideas for industrial projects at a ceremony held in Riyadh on May 18.