European, Asian Stocks Gain on Economy; U.S. Futures Advance

By Sarah Jones

Nov. 11 (Bloomberg) -- European and Asian stocks advanced and U.S. index futures rose after Credit Agricole SA and Holcim Ltd. posted earnings that beat analysts’ estimates and reports showed China’s industrial production and trade surplus climbed.

Credit Agricole, France’s third-largest bank by market value, and Holcim, the world’s second-biggest cement maker, gained more than 3 percent. BHP Billiton Ltd. and Rio Tinto Group added at least 2.6 percent as orders for Japanese machinery also increased. ING Groep NV rallied 5.2 percent after the largest Dutch financial-services company reported a third- quarter profit as improved markets limited writedowns.

Europe’s Dow Jones Stoxx 600 Index advanced 0.7 percent to 246.99 at 8:26 a.m. in London. The measure has rebounded 56 percent since this year’s low on March 9 amid speculation government stimulus measures and record-low interest rates are helping to drag the economy out of recession.

The MSCI Asia Pacific Index gained 0.7 percent as production in China, the world’s third-largest economy, rose 16.1 percent from a year earlier, the most since March 2008. The trade surplus almost doubled from September, to $24 billion, as the slide in exports eased to the slowest pace this year, the statistics bureau said in Beijing today.

Japanese machinery orders, an indicator of business investment in three to six months, climbed 10.5 percent from a month earlier, according to the Cabinet Office in Tokyo. The median estimate of 25 economists surveyed by Bloomberg was for a 4.1 percent increase.

U.S. Futures

In the U.S., most stocks declined yesterday following six- straight gains for the Standard & Poor’s 500 Index. Futures on the S&P 500 expiring in December added 0.5 percent today.

Credit Agricole climbed 3.7 percent to 15.04 euros. Third- quarter net income fell to 289 million euros ($435 million) from 365 million euros a year earlier, topping the 128 million-euro median estimate of seven analysts surveyed by Bloomberg. The bank said Chief Executive Officer Georges Pauget will step down next year, to be replaced by Jean-Paul Chifflet, secretary general of its largest shareholder.

Holcim surged 4 percent to 72.45 Swiss francs. The cement maker reported third-quarter profit of 673 million Swiss francs ($668 million), after plant closures and job cuts helped boost margins. The mean estimate of five analysts surveyed by Bloomberg was a profit of 464.6 million francs.

BHP, Rio Tinto

BHP Billiton, the world’s biggest mining company, increased 2.6 percent to 1,816 pence and Rio Tinto, the third-largest, gained 3 percent to 3,135 pence. Copper, lead and nickel advanced on the London Metal Exchange.

ING soared 5.2 percent to 10.05 euros after its third- quarter net income was 499 million euros, compared with a net loss of 478 million euros a year earlier. That was in line with the 500 million-euro profit it forecast last month.

E.ON AG advanced 2.4 percent to 27.57 euros. Germany’s largest utility said nine-month adjusted profit held steady and raised its full-year earnings forecast.

J Sainsbury Plc rose 2.5 percent to 335.8 pence. The U.K.’s third-biggest supermarket owner said first-half net income climbed 48 percent as the chain increased food promotions. Pretax profit before one-time items rose 18.5 percent to 307 million pounds, beating the 302 million-pound median estimate of 11 analysts surveyed by Bloomberg.

DSG International Plc, the U.K.’s largest consumer- electronics retailer, jumped 6.5 percent to 36.03 pence after Citigroup Inc. upgraded the shares to “buy” from “hold.”

To contact the reporter on this story: Sarah Jones in London at sjones35@bloomberg.net.