European stocks advance as LVMH jump on earnings

London - European stocks may finally break out of their torpor after ending little changed for four straight days.

Earnings announcements from companies including LVMH Moet Hennessy Louis Vuitton and and Rightmove, as well as optimism about central-bank stimulus pushed equities higher. The Stoxx Europe 600 Index climbed 0.5% at 09:23 in London.

Since hitting a one-month high last week, the equity gauge’s rebound stalled, and it closed on Tuesday 1.5% away from erasing its Brexit losses.

While President Mario Draghi said last week the European Central Bank will consider increasing stimulus when it has a clearer picture of the impact of the UK vote, Japanese Prime Minister Shinzo Abe announced plans for more than ¥28trn in stimulus, Kyodo News reported. The Federal Reserve will announce its rate decision after today’s European market close.

Among companies moving on corporate results:

* LVMH Moet Hennessy Louis Vuitton jumped 5.9% after the world’s biggest luxury-goods maker reported stronger demand for its champagnes and cognacs.

* Air France-KLM climbed 4.9% after posting an increase in operating profit.

* Airbus Group added 3.2% as its earnings beat analysts’ estimates.

* PSA rose 6.9% after the carmaker reported a jump in first-half earnings.

* Rightmovec surged 8.5% as revenue beat analyst estimates.

* Bayer gained 1.1% after posting an increase in profit.

* Apple suppliers Dialog Semiconductor and AMS rose more than 3% after the US company said iPhone demand picked up.

* Deutsche Bank slid 4% after saying profit was almost wiped out by a slump in trading revenue and costs tied to job reductions.

* BASF fell 2.9% after reporting quarterly profit that missed analysts’ estimates.

* Statoil ASA dropped 3.1% as it posted its first adjusted loss.

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