4:40 PM Frankfurt European markets extended gains for the third day in a row after a string of positive earnings reports and German industrial activities increased more than expected in March. ING, Deutsche Telekom and Delhaize Group SA led the gainers earnings results.
European markets gained after German industrial orders and output were ahead of expectations.
FTSE 100 index in London increased 0.4% and the DAX index in Frankfurt advanced 0.8%. In Paris, CAC 40 index added 0.8%.
German industrial production increased for the second month in a row in March. Berlin based Economy Ministry said production increased 1.2% from February.
Deutsche Telekom gained 5% to a 7-month high after it reported better than expected quarterly earnings and reiterated annual outlook. The companys U.S. T-Mobile unit also completed the purchase of Metro PCS on May 1.
Markets in Asia rallied for the third day this week after China reported higher than expected trade data in April. Exports increased 14.7% and imports rose faster at 16.8% resulting in trade surplus of $18.2 billion.
The Nikkei index in Tokyo gained 0.7% and after the close Toyota Motor reported a four-fold surge in operating profit for the year ending in March.
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declined 7% to 121.70 after the Germany based chemical distributor reported sales in the first quarter increased 1.4% to 2.42 billion. Profit for the quarter dropped 11.8% to 69.7 million compared to 79 million and earnings per share declined 1.35 from 1.53.
Deutsche Telekom AG
soared 5.3% to 9.61 after the Germany based telecommunication service provider stated revenue in the first quarter ending in March slipped 4.5% to 13.79 billion. Net profit for the quarter jumped 3.5% to 564 million compared to 545 million.
Deutsche said number of branded customers in the U.S. rises for the first time in 15 quarters. In the quarter, mobile contract customers and fiber lines in Germany and mobile customers in Europe increased.
T-Mobile USA sells nearly 500,000 iPhones in four weeks and new orders at T-Systems climbed at 33%.
ING Groep N.V
gained 1.8% to 6.71 after the Netherlands based bank said gross premium income in the first quarter ending in March dropped 5.4% to 5.79 billion. Net profit in the quarter surged 147.2% to 1.80 billion compared to 728 million and earnings per share 0.47 from 0.19.
Group first quarter underlying net profit jumped to 800 million from 579 million and ING group intends to use the proceeds from the secondary offering of its U.S. IPO to reduce core debt.
The bank expects core debt to reduce by 2 billion to 5 billion in the second quarter and chief executive said in a statement that the company plans to spin off its European business in 2014.
J Sainsbury Plc
dropped 3.7% to 382 pence after the UK based grocery retailer reported revenue in the year ending on March 16 jumped 4.5% £23.30 billion. Profit for the year rose 2.7% £614 million compared to £598 million and diluted earnings per share increased 30.2 pence from 27.8 pence.
Sainsbury said its acquired remaining 50% shareholding from Lloyds Banking Group for £248 million and take full ownership of Sainsburys Bank.
In this year, Sainsbury added 14 supermarkets, 87 convenience stores and 8 extensions to its property portfolio.
Standard Chartered Plc
declined 5.1% to 1,614 pence after the UK based retail and commercial bank said revenues in the first quarter were slightly higher than in the same period of a year ago and overall group operating profit in the first quarter was slightly lower from a year ago on weak wholesale-banking revenues.
declined 1.2% to 11.15 after the largest Spanish telecom group said operating income before amortization and depreciation declined 10% in the first quarter to 4.57 billion.