European Stocks Cap Best Monthly Advance in Five Amid Earnings

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European stocks were little changed amid earnings reports, completing their biggest monthly rally since February.

Miners and energy companies fell as commodities extended a monthly plunge. Spain’s CaixaBank SA dropped 2.4 percent after cutting its net interest income growth forecast for 2015. BNP Paribas SA climbed 2.9 percent as France’s largest bank swung to its biggest quarterly profit in more than three years.

The Stoxx Europe 600 Index gained less than 0.1 percent to 396.37 at the close of trading. It has advanced 4 percent this month, rebounding from a low as concern faded that Greece will leave the euro. Surging profit at companies including Deutsche Bank AG and PSA Peugeot Citroen and a flurry of deals announcements pushed the Stoxx 600 up 2.7 percent since July 27.

“Investors are digesting the earnings and some days you can get good and bad news,” said Jacques Porta, a fund manager who helps oversee 500 million euros ($547 million) at Ofi Gestion Privee in Paris. “Overall the earnings season has been of a good quality. Some sectors are doing badly, such as commodity producers because the Chinese economy is weak, and the energy sector is declining. Soon it will be interesting to go there because they’re getting very cheap.”

Energy producers fell 0.9 percent for the biggest decline among industry groups in the Stoxx 600. A gauge of miners dropped 0.5 percent. Vallourec SA lost 6.3 percent after the steelmaker said the rest of 2015 will be difficult. Antofagasta Plc slid 2.3 percent after agreeing to buy a 50 percent interest in a copper mine from Barrick Gold Corp.

Earnings Moves

InterContinental Hotels Group Plc fell 1.6 percent after saying it isn’t in merger talks with Starwood Hotels & Resorts Worldwide Inc. Volkswagen AG slid 1.4 percent after a court order to pay MAN SE minority shareholders more an earlier offer, adding to the cost of gaining full control of the German truckmaker.

Airbus Group SE rose 3.5 percent after posting an increase in earnings on higher deliveries of civil airliners. ArcelorMittal gained 1.5 percent after reporting profit that beat analysts’ estimates.

ITV Plc climbed 3.4 percent after Liberty Global Plc increased its stake in the U.K. broadcaster to 9.9 percent. Mediobanca SpA rose 3.1 percent after saying it’s considering a takeover bid for Cairn Capital.

Austrian shares began trading late because Vienna’s stock exchange had problems with its data distribution system.

The rebound in the Stoxx 600 this month sent the gauge up 16 percent for the year. The VStoxx Index, a measure tracking fear in the equity market, has plunged a record 40 percent in July.