European Stocks Advance as BMW Beats Earnings Forecasts

European Stocks Advance as BMW Beats Earnings Forecasts

European stocks rose, rebounding from four days of losses, as companies including Bayerische Motoren Werke AG and Credit Agricole SA reported better-than-expected quarterly profit. U.S. stock futures and Asian shares fell.

BMW and Deutsche Post AG each gained at least 2 percent after posting better-than-projected earnings. Credit Agricole climbed 5 percent after second-quarter operating profit beat analysts’ estimates. Telefonica SA declined 1.8 percent after saying it offered 6.7 billion euros ($9 billion) for one of Vivendi SA’s units.

The Stoxx Europe 600 Index rose 0.3 percent to 332.07 at 8:06 a.m. in London. The equity benchmark dropped 3.3 percent in the past four sessions as companies including ArcelorMittal and Holcim Ltd. posted disappointing results. It closed yesterday at the lowest level since April 16. Standard & Poor’s 500 Index futures dropped 0.2 percent today, while the MSCI Asia Pacific Index lost 0.7 percent.

BMW advanced 3 percent to 91.06 euros after the world’s biggest maker of luxury vehiclesposted second-quarter earnings before interest and taxes of 2.6 billion euros as it sold more X5 sport-utility vehicles and added deliveries in China. That beat the 2.25 billion euros estimated by analysts in a Bloomberg survey.

Deutsche Post, Europe’s largest postal company, gained 2.2 percent to 23.75 euros after reporting second-quarter Ebit of 654 million euros, surpassing the 609.5 million-euro projection of analysts in a Bloomberg survey.

Credit Agricole

Credit Agricole gained 5 percent to 10.80 euros after posting second-quarter operating profit of 628 million euros, exceeding the average analyst estimate of 617 million euros. France’s third-largest bank by market value also said net income slid 98 percent to 17 million euros as it booked 708 million euros in costs related to its 14.6 percent stake in Banco Espirito Santo SA. The Portuguese lender’s shares tumbled 73 percent last week before trading was halted on Aug. 1.

Telefonica slipped 1.8 percent to 11.78 euros. The Spanish telecommunications company said it has offered to buy Vivendi’s Brazilian Internet-provider unit GVT. The proposal comprises 11.96 billion reais ($5.3 billion) in cash and newly issued shares in Telefonica’s Brazil unit, the Madrid-based company said in statement. Vivendi added 3.4 percent to 19.56 euros.

Bilfinger SE plummeted 10 percent to 54.71 euros after the German builder forecast full-year adjusted net income of 205 million euros to 220 million euros, 25 million euros less than expected. Bilfinger said June 30 it would miss an earlier goal of increasing profit “significantly” from 2013’s 255 million euros. The company also said that Chief Executive Officer Roland Koch will step down on Aug. 8. Supervisory board member Herbert Bodner will replace him on an interim basis.