LONDON (MarketWatch) -- European shares moved higher on Monday, as Philips Electronics advanced after kicking off earnings season on the Continent with a small profit and oil producers also made a bit of headway.
The pan-European Dow Jones Stoxx 600 index (ST:SXXP 198.69, +1.44, +0.73%) traded up 0.4% at 198.12, shaking off some early weakness.
On the regional level, the U.K. FTSE 100 index (UK:UKX 4,170, +42.47, +1.03%) rose 0.8% to 4,159.25, the German DAX index (DX:DAX 4,637, +60.55, +1.32%) added 1.1% to 4,624.47 and the French CAC-40 index (FR:PX1 3,013, +30.08, +1.01%) moved up 0.7% to 3,004.84.
U.S. stock futures were mixed. Asian equity markets ended lower. Read more on Asia. Read more on U.S.
"Over the coming weeks analysts will beaver away dissecting and analysing the second-quarter results season. Undoubtedly, this season will command more attention than most given an equity market struggling for direction and trying to reconcile mixed economic signals," noted equity strategists at ING.
Earnings provided a bit of support on Monday, with shares of Dutch consumer electronics giant Philips (NL:PHIA 13.64, +0.69, +5.33%) (PHG 19.00, +0.79, +4.34%) up 5.3%.
The firm's second-quarter net profit fell 94% to 44 million euros ($61 million), from 732 million euros a year ago. However, the result exceeded market expectations as analysts had been expecting a small loss from the firm. See full story.
Heavyweight oil producers advanced, with Royal Dutch Shell (UK:RDSA 1,466, +29.00, +2.02%) (RDS .A 46.82, -0.42, -0.89%) up 2% and BP (UK:BP. 471.70, +10.50, +2.28%) (BP 45.85, +0.63, +1.39%) shares up 2.1%.
In the energy markets, light sweet crude oil futures rose 19 cents to $60.08 a barrel.
UBS (CH:UBSN 12.63, -0.31, -2.40%) (UBS 12.07, +0.41, +3.52%) shares advanced 2.4% in Swiss trading. The bank is trying to thrash out a last-minute deal with the U.S. government to settle the high-profile tax evasion court case that had been due to start Monday. See full story.
Shares of German sportscar maker Porsche (DE:PAH3 45.88, +3.59, +8.49%) jumped 8.9%.
Over the weekend, Focus reported that Volkswagen (DE:VOW 213.00, -0.15, -0.07%) has upped its bid for the firm, while Der Spiegel reported that Qatar has bid 7 billion euros for just over 25% of the firm and its VW options. Volkswagen shares declined 0.1%.
Meanwhile, shares of U.K. insurance firm Friends Provident (UK:FP. 67.15, +6.88, +11.39%) climbed 10.5% to 67 pence in London.
Buyout group Resolution (UK:RSL 88.25, -2.25, -2.49%) , down 2.5%, said that it has had an initial approach for the life insurance firm turned down by the group's board and is considering its response.
Shares of U.K. natural gas producer Venture Production (UK:VPC 828.00, +43.00, +5.48%) climbed 5.5% to 828 pence after two of the firm's major shareholders said that the firm's shares are worth at least 1,000 pence a share, or significantly more than the 845 pence a share, or 1.3 billion pounds, offered by bid suitor Centrica (UK:CNA 222.75, +4.50, +2.06%) .
Centrica shares traded 1.8% higher. See full story.
On the downside, shares of Irish cider maker C&C Group (UK:CCR 1.99, -0.22, -9.77%) fell 9.8% after the firm corrected a trading update that it put out last week.
It said Monday that revenue fell 5% in the four months to June 30 on a constant currency basis. Last week, the firm said that revenue rose 3% in the four-month period on a constant currency basis.
Volume and operating profit guidance are unchanged, the firm said.
