Saturday, 1 August 2015

Europe: Stocks cap best monthly advance in five amid earnings

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 per cent after cutting its net interest income growth forecast for 2015. BNP Paribas SA climbed 2.9 per cent 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 per cent to 396.37 at the close of trading. It has advanced 4 per cent 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 per cent since July 27.

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