European Stocks Rise for Sixth Day on ING, SocGen Profit

European stocks rose for a sixth day, their longest winning streak this year, as companies from ING Groep NV to Societe Generale SA posted profit that beat estimates, and a report showed Chinese exports surged.

ING and Societe Generale each gained more than 3.5 percent. Norsk Hydro ASA added 3.6 percent after reporting quarterly sales that exceeded estimates. Telenor ASA dropped the most since May 2012 after the Norwegian telecommunications operator reported earnings that trailed analysts’ predictions.

The Stoxx Europe 600 Index advanced 0.8 percent to 332 at the close of trading. The equity benchmark has risen 4.5 percent since Feb. 4 as investors assessed when the Federal Reserve will announce the third reduction to its monthly bond-buying program. The gauge remains 1.2 percent below the six-year high it reached on Jan. 22.

“We are positive on European equities in the short, medium and long term,” Herbert Perus, who helps oversee about $36 billion as head of equities at Raiffeisen Capital Management in Vienna, said by phone. “Some people feared that we would see some big earnings misses, but those fears are fading. Every day, we’re seeing hard numbers from companies and they are OK.”

In China, the General Administration of Customs said exports jumped 10.6 percent in January from a year earlier. That compared with the median projection of economists in a Bloomberg survey for a gain of 0.1 percent. Imports rose 10 percent, exceeding the 4 percent advance that economists had predicted.

Mining Companies

A gauge of commodity producers posted the best performance of the 19 industry groups in the Stoxx 600. Rio Tinto Group, the world’s second-largest miner, added 1.5 percent to 3,510 pence, and Glencore Xstrata Plc rose 1.3 percent to 337.2 pence.

In the U.K., the Bank of England said in its quarterly economic outlook that it will leave its key interest rate at a record low even after the unemployment rate falls to the threshold level of 7 percent. A release last month showed the jobless rate slid to 7.1 percent in the three months through November, nearing the level at which Governor Mark Carney had said policy makers would consider increasing interest rates.

National benchmark indexes advanced in 12 of the 18 western-European markets. Germany’s DAX rallied 0.7 percent and France’s CAC 40 gained 0.5 percent. The U.K.’s FTSE 100 increased less than 0.1 percent.

ING rallied 3.6 percent to 10.54 euros. The Dutch lender posted fourth-quarter net income of 539 million euros ($733 million), exceeding the 254 million-euro average projection of analysts surveyed by Bloomberg News. Earnings at ING Bank more than tripled. Underlying net income rose 22 percent in 2013 to 3.26 billion euros, ING said.

Societe Generale

Societe Generale jumped 4.7 percent to 46.35 euros. France’s second-largest bank posted fourth-quarter net income of 322 million euros as earnings climbed at its French and Russian consumer-lending units. Analysts on average had forecast 163 million euros of profit. The lender posted a loss of 471 million euros in the year-earlier period.

Norsk Hydro advanced 3.6 percent to 29.61 kroner after reporting fourth-quarter sales of 16.6 billion kroner ($2.7 billion). That beat the average analyst estimate of 15 billion kroner. The aluminum supplier also posted underlying earnings before interest and taxes of 483 million kroner.

Smurfit Kappa

Smurfit Kappa Group Plc jumped 4.8 percent to 18.98 euros. Chief Executive Officer Gary McGann said the packaging company will increase the price of its products this year as demand for some recycled items climbs. The maker of cardboard boxes said full-year earnings before interest, taxes, depreciation, amortization and some items rose 9 percent to 1.1 billion euros.

Faurecia SA surged 6.6 percent to 30.71 euros, its highest price since July 2011, as Europe’s biggest maker of car interiors said second-half operating profit rose 34 percent to 282 million euros.

PSA Peugeot Citroen, which owns 52 percent of Faurecia, climbed 4.2 percent to 12.52 euros. An index of auto-related companies gained 1.5 percent.

Drillisch AG increased 1.5 percent to 24.02 euros after the German telephone-services provider reported Ebitda of 70.8 million euros in 2013. That exceeded the 70.3 million euros forecast by analysts in a Bloomberg survey.

Telenor dropped 6.9 percent to 127.40 kroner after posting Ebitda of 8.83 billion kroner in the fourth quarter. That missed the 9.16 billion-kroner average of analyst estimates in a Bloomberg survey.

Telecity Group Plc tumbled 9.6 percent to 660 pence after reporting adjusted Ebitda of 153.2 million pounds ($254 million) for 2013. That trailed the 154.6 million-pound average of analyst estimates in a Bloomberg survey.

Royal KPN NV slipped 2.3 percent to 2.61 euros after America Movil SAB said in its annual report that it owned 27.1 percent of the Dutch telecommunications operator at the end of December. The company had held a 29.7 percent stake in August, according to data compiled by Bloomberg.

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