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10/24/12

European Stocks Climb as SAP Forecast Outweighs Economic Reports - by Sarah Jones

European stocks advanced, after yesterday tumbling the most in four weeks, as technology companies rallied, outweighing worsening economic data from the euro area. U.S. index futures rose, while Asian shares fell.

SAP AG gained 4.1 percent after the world’s biggest maker of business-management software raised its full-year revenue target as license sales beat analyst estimates. Volvo AB and Nordea Bank AB both declined more than 3.5 percent after the companies reported third-quarter profit that missed projections.

The Stoxx Europe 600 Index rose 0.4 percent to 269.36 at 11:22 a.m. in London, after earlier falling as much as 0.4 percent. The equity benchmark has given up almost all of its gains since European Central Bank agreed to an unlimited bond- purchase program on Sept. 6. Futures on the Standard & Poor’s 500 Index rose 0.3 percent today, while the MSCI Asia Pacific Index lost 0.4 percent.

Read more: European Stocks Climb as SAP Forecast Outweighs Economic Reports - SFGate

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